New York, NY – July 27, 2017 – Cushman & Wakefield announced today that the firm has arranged the sale of a seven-story, 25,040-square-foot apartment building located at 316 East 55th Street. The final closing price was $16,975,000 this equates to $678 per square foot and a cap rate below %2.

Cushman & Wakefield team consisting of Executive Managing Director Clint Olsen, Associate Alex Woodlief and Associate Will Conrad represented the landlord in the transaction. George Samarjian of the Lineaire Group acted as an advisor to the sellers throughout the process.

“The property provides substantial opportunity for revenue growth as in place rents are only 40% of market,” said Clint Olsen of Cushman & Wakefield. “The buyer plans to implement a significant renovation program, substantially raise revenues and capitalize on the un-tapped potential of the property.”

The elevator-serviced apartment building contains 41 rent regulated units, 40 of which are studio or alcove studios. The larger units present the opportunity for conversion to one-bedroom apartments. Three units on the ground floor provide private, large outdoor spaces and the building’s roof boasts panoramic views and the opportunity to construct a deck. The building’s basement contains a laundry room and approximately 1,000-square-feet of free space that can be used for additional amenities.

Located on the south side of East 55th Street, 316 E 55th Street is between First and Second Avenues. The property benefits from the transforming Second Avenue retail corridor and accessibility via the Lexington Avenue/53rd Street Station, as well as the planned 55th Street station on the Second Avenue Subway.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.