East 59th Street building sold for $19.1 million.Grubb & Ellis Company has sold 117-127 East 59th St., the 38,307-SF commercial component of a 34-story residential cooperative, on behalf of a partnership of ING Realty Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Alchemy alchemy (ăl`kəmē), ancient art of obscure origin that sought to transform base metals (e.g., lead) into silver and gold; forerunner of the science of chemistry. Properties Inc. The firm also procured the buyer, Benenson Capital Co., who purchased the property for $19.1 million. The property is 100 % occupied under long-term leases, with 90 % of the space leased to Williams Sonoma, Inc. for their operation of a Pottery Barn Pottery Barn is an American-based chain of home furnishing stores with stores in the United States and Canada. It is a wholly owned subsidiary of Williams-Sonoma, Inc. History and the Manhattan flagship location for Williams-Sonoma. "This property has significant upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar due to significantly below rental market rates and recent improvements valued in excess of $10 million. In addition, the property also benefits from an outstanding, heavily-trafficked Manhattan location," commented Grubb & Ellis Managing Director Neil Helman, who, along with Norm Livingston, Vin Carrega and Art DellaSalla of Grubb & Ellis, represented the seller. Helman also noted that the sale of 117-27 East 59th St. was unique since the property is a commercial cooperative, rather than the more commonplace commercial 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. . As such, the purchasers needed to carefully analyze the deal and grasp that the asset was structured to mimic a first fee condominium in terms of the shareholder's rights to lease, sell and renovate the property. The Benenson Capital Company, founded in 1905 by Benjamin Benenson and today run and managed by Charles B. Benenson, is known as a long-term, opportunistic real estate owner, investor, manager and developer of real estate throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Europe. Benenson's holdings include retail sites, shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , office buildings, corporate headquarters, research and development facilities, warehouse and distribution facilities, light industrial space, hotels, residential and senior housing facilities. The 200-plus asset portfolio has been enhanced through the integration of active development and redevelopment programs. Benenson has joint ventured with many of the leaders in the. real estate field and has tenants comprised of numerous Fortune 500 companies. |
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