Printer Friendly

Besen & Assoc. marketing two East 33rd Street office properties.

Besen & Associates, Inc. has been appointed by the owners of 10 & 12 East 33rd Street--New York, N.Y. to exclusively market and to sell two contiguous 12-story office buildings consisting of 22 floor-through office spaces and two retail stores located in the heart of Midtown South with easy access to Penn Station. Amit Doshi and Matthew Slonim of Besen & Associates are spearheading the transaction.

The two contiguous buildings located on East 33rd Street between Madison and Fifth Avenues are approximately 56,724 gross s/f in size including approximately 3,600 s/f of prime retail space and are currently 95.8% occupied.

Doshi, a senior broker at Besen & Associates explains "the offering provides significant cash flow upside in the short term as the current office and retail rents in the buildings are 50% below the market rate, and all but one of the 22 office tenant leases expire in less than 4.5 years."

Slonim, head of investment analysis at Besen adds "A value-add strategy for the property would be to combine the floor plates of each building to double the floor size and allow a lobby to be converted into additional retail space cutting down the low loss factor even further. The short term office leases also prime candidate for a conversion to condominiums."

The adjacent property is 325 Fifth Avenue, a new 50-story luxury residential condominium with outdoor space developed by Douglaston Development and Continental Properties.

Slonim continues "the immediate neighborhood is going through a major transformation. Close proximity to Amtrak, NJ Transit, LIRR, PATH, increasing market office rates, and the current residential development pipeline will enhance the character of and increase the demand for the neighborhood over the near term."
COPYRIGHT 2007 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Comment:Besen & Assoc. marketing two East 33rd Street office properties.
Publication:Real Estate Weekly
Date:Oct 10, 2007
Words:284
Previous Article:Massey Knakal closes on sale of mixed-use Bowery building.
Next Article:L.I. law firm extends 45,396 s/f lease in East Meadow.
Topics:


Related Articles
Major road construction information for the week beginning Monday. Schedule is subject to change due to weather delays.
REGIONAL ROUNDUP.
Brookfield considers retail reconfiguration.
KKR eyes expansion at 730 Fifth Avenue.
W&H Properties.
R.I. buyer plans upgrades at historic Tudor Hotel.
Besen sells 224-unit Brooklyn residential portfolio.
HFF arranges $500m for Old Slip offices.
Sapir refinances 100 Church Street with $255m loan.
Rose Associates leasing retail space at 1510 Lexington.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters