Upgraded Mixed-Use Property in Midtown Manhattan Lands New Owner

A 36-unit mixed-use building, located in the core of Manhattan, was sold after extensive renovations.
885 10th Avenue , New York

885 10th Avenue , New York

New YorkHFF announced the sale of 885 10th Ave., a 37,000-square-foot, elevator residential and retail building located in Manhattan’s Midtown West district. The 36-unit property was acquired for $47.5 million by a family-run investment firm, according to The Real Deal. HFF marketed the asset on behalf of the seller, Benchmark Real Estate Group.

Located on the southwest corner of 58th Street and 10th Avenue, the six-story structure was recently modernized. “The renovation project was extremely well executed.  The large apartments offer great living spaces and the common areas have an elegant design,” said Eric Anton, senior managing director at HFF. Anton together with Managing Director Jeff Julien and Associate Director Steven Rutman were part of HFF’s investment sales team representing the seller.

The upgraded apartments feature high-end furnishings such as Caesarstone countertops and stainless steel appliances, stone-tiled bathrooms with custom Carrera marble vanities, and wide-plank oak flooring. Common amenities include a new roof deck, laundry facilities, bike/general storage and a smartphone-based intercom system.

Also, the ground floor houses two retail spaces that are fully leased. Current owners can consider further developments, as the property comes with 20,000 square feet of buildable air rights. Surrounding retail is experiencing strong growth and demand from several large Class A apartment properties just completed in the neighborhood,” said Anton.

Benchmark Real Estate Group, a Manhattan-based real estate firm, specializes in acquiring and re-positioning multifamily assets in New York City, counting two eight figure transactions in the last year, according to The Real Deal.

Image courtesy of HFF