The commercial building at 708 Broadway or 402-408 Lafayette St. sits between Astor Place and East 4th Street. Crunch Fitness, which was recently acquired by Bally's, is the anchor retail tenant occupying 33,900 sf on three floors on the Lafayette frontage, while a clothing store occupies retail on the Broadway frontage.
All upper floors are occupied by large office users. The Broadway side and Lafayette sides have varying heights, Broadway being ten stories and Lafayette being eight.
Eastern Consolidated's Mingo Lee, director represented Joseph Chetrit, while Jay Caseley of Firstmark Management, represented the seller, a undisclosed locally based real estate investor. Attorney Louis Tratner of Tratner & Molloy acted for the seller, while Joshua Graff of Sukan Segal and Graff represented Chetrit.
"The pricing on this sale is reflective of the racy market right now," explains Lee. "Investors are continually in heated competitions to acquire development sites, and/or viable commercial buildings for residential conversion."
Lee adds that the site was not even officially on the market, but parties expressed interest in it. According to Lee, Chetrit will probably apply for a variance to change the building's zoning to residential, calling it the "choice at the moment."
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