NEW YORK CITY-The Manhattan office of Marcus & Millichap Real Estate Investment Services has secured an exclusive listing to market two 12-story office buildings just north of Madison Square Park. The properties, located at 10 East 33rd St. and 12 E. 33rd St., are going for an asking price of $35 million – and hold opportunities beyond office usage.
“They are currently 100% leased to a diverse group of tenants at below-market rates, but one or both could be converted into condominiums, high-end apartments or a boutique hotel,” says Brian Hosey, an associate in M&M’s Manhattan office, who is representing the seller on the transaction. While the seller was undisclosed, city records indicate that the two sites are owned by Adee 12 Associates.
The properties – situated between Fifth and Madison Avenues – are adjacent to the Empire State Building, and in walking distance to Madison Square Garden, Penn Station and major retail corridors. Together, the two office buildings total 56,724 square feet, and feature 22 full-floor office lofts and 4,000 square feet of ground floor retail. The properties total 50 feet of frontage on East 33rd Street. Both buildings are situated on 25-foot by 98-foot lots and are built 25 feet by 94 feet, and are zoned C5-2.
The buildings have received several improvements, including new lobbies and elevators within the last year. Both properties have private security and a full-time super on the premises.