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1140 6th Avenue sold.

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Eastern Consolidated Properties announced the sale of the leasehold position of 1140 Avenue of the Americas, a 21-story office building containing 200,000 square feet and 7,000 feet of prime retail space. The purchase price was approximately $11 million all cash, $58 per square foot.

The leasehold was previously purchased in 1984 for $24 million by/oseph Neumann who subsequently placed a $30 million leasehold mortgage on the property. With the softening of the office market in Midtown and the increased operating costs of office buildings throughout Manhattan, this property was not able to sustain the debt service of the mortgage.

Through the efforts of Brian Ezratty, senior vice president of Eastern Consolidated, a deal to purchase the 75-year leasehold was made between Banque Paribas and Bank of Tokyo, the lenders who held the leasehold mortgage, Mark Gittleson representing Joe Neumann's interests and a partnership led by Norman Sturner and Neil Siderow of Murray Hill Properties.

Murray Hill Properties is planning to upgrade the lobby and certain mechanicals. The property is presently over 85 percent leased with a strong tenant base.
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Title Annotation:office building in New York, New York
Publication:Real Estate Weekly
Date:Jan 13, 1993
Words:183
Previous Article:Strike deal deemed fair.
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