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| Newell Building, 425-429 East 53rd Street, East Side, MIdtown Manhattan, NY |
NEW YORK, NY – Marcus & Millichap (NYSE:
MMI), a leading commercial real estate investment services firm with offices
throughout the United States and Canada, announced the sale of the Newel Building, a 34,125-square-foot
property located on the east side of Midtown Manhattan. The $30,720,000 sales
price equates to $900 per square foot.
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| Anthony Finno |
Anthony Finno in Marcus & Millichap’s Manhattan office,
represented the seller, Newel LLC. The buyer is Rakema Holdings LLC, an
affiliate of Ruder Finn, a New York City-based public relations firm.
“Located within a pre-war enclave
in Manhattan’s Turtle Bay neighborhood, the building displayed the Newel Co.’s
extensive inventory of decorative furniture and fine arts pieces for 34 years,”
says Finno.
“With Newel
moving into a larger space, it seemed that the building was destined for
conversion to multifamily use, but the strong collaborative business space
movement prevailed.
"The structure’s high ceilings and wide columns, which date
back to the 1920s, provide an ideal backdrop for the latest concept in office
work space.”
Built in 1926, the 34,125-square-foot,
five-story building is located at 425-429 East 53rd St. in the Midtown East
office district between the River House and RiverTower Apartments, three blocks
from Citicorp Center.
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| United Nations Building, Manhattan, NY |
The property occupies 75 feet of mid-block frontage on
the north side of East 53rd St. between First Avenue and Sutton Place.
The
United Nations headquarters, the Queens-Midtown Tunnel and the 59th Street
Bridge are nearby.
Ceiling
heights throughout the building range from nine feet at the basement level to
between 13.5 feet and 15.8 feet on floors one through five.
The property
features a car-sized freight elevator, passenger elevators, sub-basement
storage space, a loading dock and a ground-floor retail showroom.
For a complete copy of the company’s
news release, please contact:
Gina Relva
Public
Relations Manager
(925)
953-1716
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