NEW YORK CITY—A seven-story apartment building on East 55th St. has traded for $16.975 million.
The 25,040-square-foot rent-regulated apartment building at 316 E. 55th St. was sold by the estate of Krikor Garzarian to Faemco, LLC an entity of the Manocherian brothers. The deal announced by brokerage firm Cushman & Wakefield, calculates out to $678-a-square-foot.
A Cushman & Wakefield team consisting of executive managing director Clint Olsen, associate Alex Woodlief and associate Will Conrad represented the landlord in the transaction. George Samarjian of the Lineaire Group acted as an advisor to the sellers throughout the process.
“The property provides substantial opportunity for revenue growth as in place rents are only 40% of market,” states C&W’s Olsen. “The buyer plans to implement a significant renovation program, substantially raise revenues and capitalize on the un-tapped potential of the property.”
The elevator-serviced apartment building between First and Second avenues contains 41 rent regulated units, 40 of which are studio or alcove studios. The larger units present the opportunity for conversion to one-bedroom apartments, C&W states.
Three units on the ground floor provide private, large outdoor spaces and the building’s roof offers the opportunity for a deck. The building’s basement contains a laundry room and approximately 1,000-square-feet of free space that can be used for additional amenities.
The property was listed by Cushman & Wakefield for $19.975 million last November.