ALBANY, NY—The 677 Broadway office tower in downtown Albany has been sold in a deal valued at $34.5 million to Shellbourne Capitol LLC of Brooklyn, NY.
The off-market transaction was announced by brokerage firm Eastern Consolidated of New York City, which arranged the two-part transaction that included a $1.5-million land lease and the $33-million leasehold on the 180,000-square-foot property.
The 12-story, class-A office building features a 900-car parking garage owned by the City of Albany Parking Authority, redundant fiber service, a building management system to monitor all building and tenant HVAC equipment, an uninterrupted power source system, and an emergency generator.
“The buyer was immediately drawn to this asset, which is the only new office building that has been built in downtown Albany within the last 20 years,” says Gabriel Saffioti, a director at Eastern Consolidated, who along with Director Nicole Rabinowitsch represented the buyer, Shelbourne Capitol in the transaction. “The property is a prime addition to the Brooklyn-based investment group's growing portfolio throughout the tri-state region.”
“This complex, two-part financial transaction was executed with speed and precision, from initiation to close in less than 120 days,” adds Ben Tapper, a senior director at Eastern Consolidated, who along with Associate Director Michael Coghill, represented the seller Columbia 667, LLC, an Albany-based developer.
David Fleishman, Esq. was the attorney for the purchase. Debra Lambek, Esq. was the attorney for the seller.
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