407 Park Ave the retail building which was leased to Stefano Ricci, a high end and chic men's clothing store, has been sold for $8.7 million. The expensive building was sold out for $2,023 per square foot.
The building was sold to Land Finance Corporation, Adelaide Polsinelli, associate vice president investments and Steve Siegel, vice president investments represented the seller
in the Manhattan office. Glen Kunofsky, senior vice president investments, and James Ventura, retail investment specialist, represented the buyer, Land Finance Corporation.
Even at times when the market is facing tough times the building was sold out at an exceptionally high price. The sellers were quite happy about this fact. The building was earlier leased out to tenants at very low prices on long term basis leased on a long-term basis to a strong tenant at below-market rents, with annual rent increases in place. In addition, the site includes 29,450 square feet of additional air rights.
Since long time buildings located between 54th and 55th streets on Park Avenue were rumored to be redeveloped by one of New York's famous developers. The high demand among real estate developers and its prime location also helped 407 Park Avenue building fetch good PSF rates.
This deal shows the high demand of leased out property and willingness to pay great money of developers. The domestic and international property buyers are constantly looking out of locations which are accessible and have good growth prospects.
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