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NEW YORK CITY-A 10-story storage building at 305 E. 61st St. on Manhattan’s Upper East Side was sold by Robert Valenti in a transaction valued at $28 million. The transaction includes the value of the real estate and the existing storage business.

A source close to the deal tells GlobeSt.com that the buyers were Jack Guttman of Chelsea Development and Peter Lewis of Wharton Capital. “The two were business partners.”

The 49-foot-plus property is located on the north side of East 61st Street near Second Avenue. It was delivered vacant upon closing, and allows up to 24,849 buildable sf as it is located in an R8B zone. However, the building is currently overbuilt with a total of 65,835 sf above grade. The property sold for $425.19 per sf.

“The seller had recently purchased the property at a discount to market value, based on a NNN lease for the entire building, under which he operated as a storage business,” notes Massey Knakal broker Clint Olsen, who exclusively represented Robert Valenti. “The seller was then able to market the property for sale without the limitations of the under market lease, allowing them to capitalize on the existing sales market.”

Massey Knakal Realty Services was the broker in this transaction. The source close to the deal tells GlobeSt.com that the buyers purchased the property as a real estate investment and intend on running the business. It’s a storage business named Hayes Storage, the source adds.

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