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 Adjacent or touching. Contrast with fragmentation. See contiguous file. 12-story office buildings consisting of 22 floor-through office spaces and two retail stores located in the heart of Midtown mid·town
A central portion of a city, between uptown and downtown.
US & Canad the centre of a town 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 Upside
The potential dollar amount by which the market or a stock could rise.
This is basically an educated guess on how high a stock could go in the near future.
See also: Bull, Downside 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 condominium
In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. 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 Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run , NJ Transit, LIRR LIRR Long Island Rail Road (New York) , 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."