New York, NY – July 2, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 224 East 59th Street, a fully-leased, five-story mixed-use building located in Manhattan’s Midtown East. The final closing price was $14 million.
A Cushman & Wakefield brokerage team consisting of Executive Managing Director Clint Olsen and Associate Will Conrad led the marketing efforts on behalf of the seller, Itzhaki Acquisitions.
“This is a perfect example of Cushman and Wakefield’s unique approach of engaging the outside brokerage community in our marketing process,” said Clint Olsen of Cushman & Wakefield. “We were brought a foreign buyer who had not transacted in New York City and who paid a premium over the other interested parties.”
This sale comes on the heels of Itzhaki Acquisition’s $64 million sale of 368 3rd Avenue, which closed in April 2018. These liquidity events coalesce with Itzhaki Acquisition’s successful and ongoing fundraising efforts, putting the firm in a particularly strong position. “We are looking forward to ramp up acquisitions, given the capital, talent and momentum we have in place,” said Erez Itzhaki.
Gil Boosidan, co-founder of Itzhaki Acquisitions, added, “Our team has focused its recent efforts on increasing our transaction volume and deal sizes. It’s an exciting time..
224 East 59th Street is configured with ground floor commercial space and 16 residential units above. The commercial space is leased by KATAGIRI, the oldest Japanese grocery store in the United States. The internationally recognized grocer has been operating for over 100 years and recently renewed their lease for a blended $187/SF (approx.).The longevity and status of the tenant in this location elevates the building’s profile beyond others on the block. The residential units feature one-bedroom, two-bedroom and studio options. Six of the units are rent stabilized and the rest are free market. There is ability to expand the stabilized units into common area or amenity space upon vacancy.
Located on the south side of East 59th Street between Second and Third Avenues, the property benefits from superior access to public transportation, neighborhood amenities and nearby retail, including Bloomingdale’s flagship store. The property is located near the Lexington Avenue/59th Street subway servicing the 4, 5, 6, N, R and W trains. Additionally, the area features numerous high-end condo projects and is known for its many designer, boutique and gallery tenants.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.