Three Ninth Avenue Properties Are on the Sales Block Priced at $24.5 Million
Eastern Consolidated Tapped to Exclusively Market the Package Located at 767, 801-803 and 805 Ninth Avenue
New York, NY – August 9, 2011 – Three mixed-use Ninth Avenue properties on Manhattan’s far west side Clinton neighborhood on Ninth Avenue are on the market for sale as a package priced at $24.5 million.
Eastern Consolidated Associate Gabriel Saffioti with Executive Managing Directors Eric M. Anton and Ronald A. Solarz are spearheading the marketing initiative for 767, 801-803 and 805 Ninth Avenue in Midtown West.
“Consisting of 25 residential units with a mix of free market and rent regulated tenants, the offering ensures future financial upside,” said Mr. Saffioti who added that from a residential perspective, the assets benefit from their close proximity to Fordham’s Lincoln Center Campus, John Jay College and Alvin Ailey. “Moreover, Ninth Avenue also benefits from the overflow from Midtown and the Theater District, making the assets’ respective retail components all the more desireable.”
767 Ninth Avenue is a four-story mixed-use building with retail frontage on Ninth Avenue. 801-803 Ninth Avenue is a five-story mixed-use building on the northwest corner of West 53rd Street with 50ft of retail frontage on bustling Ninth Avenue. 805 Ninth Avenue is an as-of-right residential development site directly north of 801-803 Ninth Avenue with approximately +/- 12,100 square feet buildable, which may consist of first floor commercial space and 28 apartments above.
The buildings, each with its own residential entrance, were constructed in 1900 and have undergone several renovations. Renamed Clinton from Hell’s Kitchen, the submarket is located just west of Times Square and just south of the Time Warner Center. A plethora of high–end rental properties are achieving average rental rates for studios above $2,200 per month and one bedrooms above $3,000 per month.
“The boost from new development has sparked rental increases throughout the entire residential Clinton submarket, strengthening the commercial leasing market and additional new development,” noted Mr. Saffioti. We expect wide investor interest in this offering because of its burgeoning location and long-term renovation/new development opportunities.”
For further information about the offering, please contact Messrs. Saffioti, Anton or Solarz at Eastern Consolidated’s Midtown headquarters: 212 499-7700.
Founded in 1981, Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.
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