New York—Auction.com LLC, an online real estate marketplace, announced the closing of the sale of 246 Fifth Ave. The buyer was HH Realty Equities, a local owner headed by Solmi Accad and Ariel Akkad, and the seller was a financial institution that had recently foreclosed on the property. The property was listed by Newmark Grubb Knight Frank as the exclusive broker.
The six-story commercial building is located in the Midtown South submarket at the corner of 28th Street and Fifth Avenue. Built in 1920, this 32,049-square-foot historic building presents several potential redevelopment opportunities for the buyer. The property has substantial unused air rights, and its zoning allows for conversion to hotel or residential use. The vacant ground floor retail space, with 28 feet of frontage on Fifth Avenue and 125 feet on 28th Street, provides significant upside potential given the recent improvement in market fundamentals for retail space in this submarket.
Auction.com held the live online auction on July 24, 2013 and the sale closed on December 4, 2013. A total of 281 investors signed confidentiality agreements to review the offering materials. The auction had 12 registered bidders who each placed a $50,000 fully refundable deposit for the right to bid.