NEW YORK CITY-Sze & Wong Inc., a local real estate investor, purchased a six-story elevator building at 5 E. 19th St. in the Flatiron District between Broadway and Fifth Avenue for $7.8 million. Locally based Eastern Consolidated’s Sandi Mann, associate, represented the seller Peggy Flaum, while Eastern’s Charlotte Fu, associate, procured the purchaser.

Built in 1915, the property is 100% occupied and net-leased to a variety of commercial tenants, namely a film production company, a music recording studio, a high-end hair salon and newly renovated dentist office. Ron Hollander Esq., of the Law Offices of Ronald Hollander, represented the seller, while Allen Chiu Esq. acted for the buyer.

The top floor consists of a 1,100-sf residential penthouse with two outdoor decks. “This is a fabulous pre-war boutique building, well-maintained, in a sought-after neighborhood,” says Mann.

The sale was a 1031 exchange transaction. “Not surprisingly, 5 E. 19th St. sold swiftly at a price commensurate with its value in this heady investment sales climate,” says Fu.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.