Berley-Led Investment Group Snags Yet another Office Building in Midtown Manhattan
- Sep 08, 2015
A seven-story office building in Midtown East is now owned by an investment group led by David Berley, Chairman of real estate firm Walter & Samuels.
The 95-year-old office structure located at 5 E. 47th St. between Madison and Fifth avenues changed hands in an $18.3 million transaction. Yosef Mahgerefteh of Astor Brokerage represented the seller—who was identified as private investor Robert Smallheiser—, while David Berley negotiated the acquisition on behalf of the investment group.
The Commercial Observer reported that Smallheiser had purchased the office building more than 30 years ago, but decided to sell the asset after closing his business, First Edition Inc.
Completed in 1920, the 14.025-square-foot building is located in one of Midtown Manhattan’s most desirable and expensive areas, and is located within walking distance from Grand Central Station. The property offers six floors of office space, as well as a 2,500-square-foot retail unit and 2,000 square feet of basement space currently occupied by Café Alice, and 16,000 square feet of air rights. Reportedly, the new ownership could expand the building by adding five more stories to the existing structure.
Back in March, Walter & Samuels scooped one of the oldest buildings in Manhattan’s Murray Hill neighborhood. The investment group paid $24.5 million for the temple-like structure sitting at the corner of Lexington Avenue and E. 30th St.
Image via Google Street View