Adelaide Polsinelli and Steve Siegel team up with Glen Kunofsky and James Ventura to sell the asset for $2,023 per square foot. NEW YORK, N.Y., May 3, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 407 Park Ave. (middle left photo) , a retail building fully leased to Stefano Ricci, an upscale men’s clothing store.
The property commanded a price of $8.7 million, or $2,023 per square foot.
Adelaide Polsinelli, (top right photo) an associate vice president investments, and Steve Siegel, (middle left photo) a vice president investments in the Manhattan office of Marcus & Millichap, represented the seller, 407 Park LLC, in this transaction. Glen Kunofsky (lower right photo) , a senior vice president investments, and James Ventura a retail investment specialist, represented the buyer, Land Finance Corporation.
“We were able to close this transaction at a high price-per square foot, even as the market continues to face challenges,” explains Polsinelli. “The building is leased on a long-term basis to a strong tenant at below-market rents, with annual rent increases in place. In addition, the site includes 29,450 square feet of additional air rights.
“For several years, this property and others along the block located between 54th and 55th streets on Park Avenue were rumored to be redeveloped by one of New York’s famous developers,” notes Polsinelli.
“Because of continued interest among developers and investors and a recovering real estate market its prime Midtown location, 407 Park Ave. will appreciate in value as we move out of the current downturn.”
“This sale demonstrates that quality net-leased properties in major MSAs like New York City remain in high demand among domestic and international buyers seeking trophy assets,” explains Kunofsky.
Located at 407 Park Ave. between 54th and 55th streets, the two-story building is occupied by Stefano Ricci, which has high-end boutiques in locations worldwide.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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