M&M in market for midtown buyer.Marcus & Millichap Real Estate Investment Brokerage Company has been named to market a midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town apartment retail property with a total of 30,400 buildable build·a·ble adj. Suitable or available for building: "The problem was finding a site that was well located, appropriately zoned . . . and buildable" Sam Hall Kaplan. square feet. The mixed-use building is being listed for sale at $10.5 million. Adam Petriella, an investment specialist in Marcus & Millichap's Manhattan office, was named the listing agent. The seller is a New York-based private investor. The property is located at 55 W. 46th St. in the Fifth Avenue submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. of Manhattan's Midtown District. Originally constructed in 1920, the building was updated in 1999. The offering includes 7,432 existing rentable square feet and exclusive air rights to an additional 21,000 square feet zoned for retail and residential development. The building can be delivered vacant at the buyer's option an option allowed to one who contracts to buy stocks at a certain future date and at a certain price, to demand the delivery of the stock (giving one day's notice) at any previous time at the market price. See also: Option . The $10.5 million list price represents $1,413 per square foot. |
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