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Grubb & Ellis New York.

Grubb & Ellis New York has been appointed as the exclusive sales agent for two East Side development sites by Local 32B-32J of the Service Employees International Union (SEW), the nation's third largest union with 1.2 million members. Grubb & Ellis will market for sale 206 East 29th Street, located between Second and Third avenues, which is currently improved with a 9,546 square-foot, two-story building and has the development potential for almost 20,000 square feet. The other property, 1 East 35th Street, which is situated between Fifth and Madison avenues, has the development potential to approximately 74,000 square feet.

"Given the redevelopment opportunity and excellent location of these two sites, there is terrific upside potential for investors," said Neil Helman, associate managing director in the New York office of Grubb and Ellis.

Helman, along with Vin Carrega and Norman Livingston, executive managing directors, is handling the disposition of both properties on behalf of the SEW.

"The site at 1 East 35th Street is ideally suited for hotel, office or school use," said Helman. "East 29th Street offers an excellent user opportunity for a non-profit organization and is also suitable for residential, school or medical use."
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Publication:Real Estate Weekly
Date:Oct 13, 1999
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