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Extell offloads midtown apartment building.

Extell Development Co. has sold a mixed-use building at 41 West 46th Street for $4.2 million, according to city records.

The buyer was Manhattan-based TPEC Management, which owns 14 other residential buildings, according to Urban Sherpa.

After trading in April, the building has been relisted for $6 million. Lisa Bornstein and Lois Cohen of Tungsten Properties are the listing brokers. Cohen declined to comment.

An Extell official said no broker was involved.

According to the listing, the 7,216 s/f building contains eight residential units totaling 5,774 s/f. The units are triple net leased for three years, with a rent roll of $19,000 per month. The 1,442 s/f retail space is vacant and includes a full basement and vents for restaurant tenants. Rangole, an Indian restaurant, formerly occupied the retail space, but closed at the end of 2006.

An investment sales broker not involved in the building said that $4.2 seemed like "the right price," and noted that in December 2009, Extell sold the nearby 31 West 46th Street for $2.85 million. That building is 8,400 s/f, according to Property Shark.

Officials at TPEC weren't immediately available to comment.
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Author:Li, Roland
Publication:Real Estate Weekly
Date:May 11, 2011
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