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Foreign concern buys 10 East 53rd Street.

Millenium Estate, Ltd., the representative of a European pension fund, has purchased the building at 10 East 53rd Street for more than $55 million.

The 350,000-square-foot building was sold by its owner, Blamore Real Estate Corp., in the all-cash deal.

Ellen Israel and" George Israel of Galbreath-Riverbank acted as brokers in the transaction. Galbreath Riverbank's Executive Director A. Mitti Liebersohn also assisted. Baring Advisors Inc. acted as asset manager to Blamore Real Estate. SCI Real Estate, the U.S. subsidiary of a Genoa, Italy-based development and construction company, was advisor to the buyer, did the due diligence and has been appointed asset manager.

According to sources, the 38-floor building is 75 percent leased with Harper Collins as the major tenant.

According to Guerrino Savio,president of SCI, his client took advantage of a combination of superior location, the depressed New York values, and the exchange rate. In addition, he said, the building is substantially leased with tenants who hold 10-year leases. The positive cash flow, Savio said, will "buy some time" until the market turns around.

Abrams Benisch Riker, Inc. will continue to serve as property manager.
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Title Annotation:Millenium Estate Ltd. purchases commercial building in New York, New York
Publication:Real Estate Weekly
Date:Feb 2, 1993
Words:188
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