(To read more on the multifamily market, click here.)
NEW YORK CITY-European Investment firm Cofinance Inc. has acquired a site at 227 West 61st St. in a $31.2-million deal with Maxim Properties. The 73,500-sf, four-story building is leased until 2010 to the New York City Board of Education for Beacon High School."The buyer acquired the property at a low initial return, but will have the opportunity to construct a new luxury residential building when the Board of Education's lease is up," says Noonan, a principal of Newmark's Capital Group, which represented the seller. The site was on the market for approximately six months and it is already zoned residential.
Noonan, Howard Kesseler and Jennifer Schwartzman of Newmark represented Maxim. Cofinance was represented by Audrey Novoa and Pamela Title of Murray Hill Properties.
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