Eastern Consolidated Arranges Sale of Manhattan Asset
- Sep 27, 2016
by Evelina Croitoru
New York—Eastern Consolidated, a full-service commercial real estate firm, has arranged the sale of a 6-story elevator office building for roughly $9.4 million. The 14,250 square-foot property with ground retail located at 84 Bowery in Manhattan is encumbered by a long-term master lease at a substantial below-market rent.
Peter Carillo, senior director & principal, and Adelaide Polsinelli, senior managing director & principal, both with Eastern Consolidated, marketed the property on behalf of the seller. Peter Carillo alongside Richard Shongut of Realty Corp. procured the buyer, an undisclosed private investor.
According to Peter Carillo, the ground floor and the mezzanine are leased by a jewelry store while floors two to six consist of offices occupied by medical professionals. The building also offers office space, currently available, on the lower level. The property features 25 feet of frontage along Bowery and approximately 2,700 square feet of unused development rights.
“The deal was challenging because it required an extremely patient and knowledgeable investor willing to accept a minimal yield for an extended period of time,” Carillo added in prepared remarks.
The $9.4 million deal marks the seventh property sold by Eastern Consolidated on the Bowery in the past years.
Image courtesy of Eastern Consolidated