Mixed-Use Rock Center Deal Brings $700 Per SF

New York City

Location and air rights were major factors in the $700 per square foot commanded by 7-9 W. 51st St., a mixed-use property near Rockefeller Center that sold to an undisclosed foreign buyer this week for $31.5 million. Eastern Consolidated negotiated the transaction on behalf of the Parkoff Organization, the seller of the nine-story, 43,774-square-foot office/retail building, which includes 14,400 square feet of vacant retail space. An Eastern Consolidated team of Eric M. Anton, Ronald A. Solarz, David Schechtman, Roberto Ortiz and Marcia Rose Yawitz procured the buyer. Attorneys in the transaction included Andrew Albstein of Goldberg, Weprin, Finkel and Goldsmith, who represented the seller; and William Kaplan of Fox Horan & Camerini LLP, who acted for the buyer.

In another notable sales transaction, Stellar Management has acquired the Windermere, a 23-story, 374-unit prewar apartment building at 666 West End Ave., for $68 million. With $10 million in renovations on the horizon, Stellar plans to maintain the property as a class A rental. Broker on the deal was Alan R. Grossman of ARG Realty Consultants, according to the New York Post. The Zarucki family had owned the Windermere since 1973.

Another multifamily sale, reportedly only the second on the property since it was built in 1900, closed for 260 W. 73rd St. The Highcap Group’s Josh Goldflam represented both the seller and purchaser on the $2.85-million deal, which represented a sales price of approximately $445 per existing square foot and $367 per buildable square foot. Seven of the 10 units are being delivered vacant.

Swig Equities has renewed a lease with Schwartz Goldstone & Campisi LLP at 90 Broad St. The law firm will remain in its 4,932-square-foot space for another 10 years. Richard Gottlieb and Wayne Siegel of the Hunter Realty Organization represented the tenant, while Todd E. Korren of Swig Equities represented the landlord.

Cushman & Wakefield has been appointed leasing agent for the 25-story, 325,000-square-foot office building at 5 Hanover Sq., recently acquired by Savanna Investment Management. Frank Cento, Jonathan Fein and Mitchell Konsker of C&W are the exclusive leasing agents for 5 Hanover; Savanna has earmarked $15 million for renovations.

Long Island

Wholesaler Jaylyn Corp. has leased 45,000 square feet of warehouse space at 100 Marcus Blvd. in Hauppauge, NY. Jaylyn sells to chains such as TJMaxx, Family Discount and 99 Cent Stores, and leased the space from 100 Marcus LLC, an affiliate of Hawkeye Electric, which also occupies space in the 150,000-square-foot building. Richard Cohen of Ashlind Property Group represented Jaylyn; the landlord was represented by its exclusive broker, Jack O'Connor of Newmark Knight Frank.