Recent Commercial Real Estate Transactions
641 President Street and 682 Union Street (between Fourth and Fifth Avenues)
Park Slope, Brooklyn
A local private investor has bought these two properties, consisting of three interconnected buildings, which together offer a cap rate of 5.1 percent. Two of the buildings, adding up to 13,850 square feet, are at the 641 President Street address. A mixed-use, 25-foot-wide, five-story elevator building there, completed in 2001, features four market-rate apartments — two one-bedrooms and two two-bedrooms — as well as a vacant ground-floor retail space, once a cafe and juice bar. A long hallway from it leads into the second building, a fully occupied 17-unit, two-story 1920 office building. The office building has an exit at 682 Union Street, a 6,300-square-foot, mixed-use, four-story walk-up with commercial space on the first two floors and two loft-style apartments above.
Buyer: 236 Butler Street Corporation and LCR
Seller: Union & Fifth Avenue Realty Corporation
Brokers: Erik Serras and James Guimaraes, Ideal Properties Group
$174,902 approximate annual rent
450 Seventh Avenue (between West 34th and 35th Streets)
DarrowEverett, a law firm, has signed a 10-year lease on a 2,821-square-foot office space on the 18th floor of this 46-story building in the garment district. The space, undergoing substantial renovation, will include a new conference room as well as a new pantry, cabinets and carpet tiles. The law firm is moving there from 1115 Broadway in June.
Tenant’s Broker: Ilya Tsitron, Viza Group
Landlord: The Kaufman Organization
Landlord’s Representatives: Sam Stein and Yvonne Chang, the Kaufman Organization
$1.48 million approximate annual rent
2 Park Avenue (between East 32nd and 33rd Streets)
A 10- to 15-year lease is available for a 17,245-square-foot triplex penthouse office space on the 27th, 28th and 29th floors of this 1928 building in Murray Hill. The building, designated a landmark by the city, was designed by Ely Jacques Kahn, in collaboration with Leon Victor Solon, a ceramist. The upper floors of the facade are distinguished by vibrant strips and blocks of magenta, ocher, black and azure terra cotta. The triplex, which formerly housed mechanicals as well as office space, was recently repurposed and now has a 3,210-square-foot wraparound terrace, a two-story atrium and a sculpture garden. The building offers on-site parking.
Owner: PPF Off Two Park Avenue Owner, an entity owned by Prime Property Fund managed by Morgan Stanley
Brokers: Tara Stacom, David E. Green, Mitchell Arkin and Michael Tranfalia, Cushman & Wakefield