Hakimian flies below radar to sell coveted Mad corner.The 62,000 s/f office tower on the coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. corner of Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. and 49th Street has quietly traded hands in an off-market deal arranged by Ivan Hakimian, of Itzhaki Properties. The sixteen-story office building at 424 Madison was sold for $31 million, or approximately $500 psf, with 4.5 floors delivered vacant. The current retail tenant is North Fork Bank North Fork Bank was an American bank headquartered in Melville, New York purchased by Capital One at the end of 2006 for $14.6 billion U.S. dollars. It was only the second bank bought by Capital One, and was the larger of two acquisitions comprising Capital One's 2005-06 expansion and office tenants include doctors, dentists, jewelers and travel firms. Just three minutes "Three Minutes" is the 46th episode of Lost. It is the twenty-second episode of the second season. The episode was directed by Stephen Williams, and written by Edward Kitsis and Adam Horowitz. It first aired on May 17, 2006 on ABC. from Grand Central Terminal and one block from Rockefeller Center Rockefeller Center, complex of buildings in central Manhattan, New York City, between 48th and 51st streets and Fifth Ave. and the Ave. of the Americas (Sixth Ave.). The project was sponsored by John D. Rockefeller, Jr. and Saks Fifth Avenue Saks Fifth Avenue is a chain of upscale American department stores that is owned and operated by Saks Fifth Avenue Enterprises (SFAE), a subsidiary of Saks Incorporated. It competes in the elite luxury department store market with Neiman Marcus, Bergdorf Goodman and Barneys New , the building is one of only a handful that has come to market in the area in recent years and its sale left both parties smiling. "It was an amazing deal for both the buyer and seller," said Hakimian, whose ability to deliver those 4.5 floors of 4,500 s/f floorplates vacant was key to the deal. "Buildings are trading for $750-$1000 a foot in the area. North Fork bank did a ton of renovations on the corner and they are the retail tenant. The owners realized we are at a stage in the market right now where they can get a good number per square foot and, when the buyer saw the location, he jumped at the chance." Hakimian, who exclusively represented both the un-named buyer and seller--an entity known as Matlar LLC--added, "424 Madison Avenue was a seamless transaction. Once we agreed on a price, we closed on the property in less than 30 days." Hakimian, who has been building a name for himself lately with several lucrative below-the-radar sales, said this latest transaction was right up his street. "This is one of the craziest markets I've ever seen. I've never seen activity like it before. "We've been doing a lot of business with no-nonsense players who favor these quiet deals. We bring in the buyer and seller, we shake hands and sign the contract the next day." Hakimian recently sold a loft building on the corner of Broome and Mercer Streets for $800 psf and, he said, he is currently negotiating several retail sales in SoHo. "We also have a couple of off-market office deals in midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town where the seller knows that, even if we went to market, they're unlikely to get more than we can achieve." |
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