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| Tanya Siegel |
NEW YORK, NY – Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has
arranged the sale of the historic Fine Arts Building located at 232-236
East 59th St. in Manhattan for $34 million.
Tanya
Siegel and Kailin Zhu, investment specialists in Marcus &
Millichap’s Manhattan office, exclusively represented the seller, 232 Battaglia
Realty LLC.
The buyer is a foreign investment fund. Howard Morrel, a senior
vice president at Brown Harris Stevens, referred the buyer to Marcus &
Millichap.
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| Fine Arts Building, 232--236 East 59th Street Manhattan, NY |
“The Fine Arts Building was built circa 1908 as a carriage
house to Bloomingdale’s Flagship Store a block away,” says Siegel.
“The
Battaglia family purchased the building from the Bloomingdale heirs in the
1950s and has been diligently upgrading it throughout the years to incorporate
modern conveniences while maintaining its historic and architectural charm.”
Situated on the south side of 59th Street between Second and
Third avenues, this cast iron six-and-half-story elevator building has 75 feet
of frontage and 92 feet of depth.
“Being three doors
from the world-famous Decoration & Design Building in the heart of
New York’s design center, The Fine Arts Building’s 47,000 square feet of loft
showrooms is home to some of the most prestigious European and American firms
in the high-end luxury home furnishing and interior design industry,” adds Zhu.
“The building is centrally located in Manhattan’s East Midtown with access to
everything.”
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| Decoration and Design Building entrance Manhattan, NY |
Due to high demand for quality investment properties in
Manhattan, Siegel and Zhu were able to negotiate for the seller an all-cash
transaction that closed two weeks after contract signing.
For a complete copy of the company’s news release, please
contact:
J.D. Parker,
Regional Manager
(212) 430-5100
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