Barry Farchi, vice president of Itzhaki Properties, represented the seller, while Gerald Lieblich of Broadway West Enterprises represented the buyer. "There were many moving parts to this deal, the most complex of which was arranging for the buyer to assume a mortgage from Wells Fargo," explains Farchi. "But once financial terms were agreed upon, the sale closed swiftly and the seller achieved a price commensurate with today's hot investment sales climate."

Located midway between Seventh and Eighth avenues, the site is occupied by a group of companies including fashion designers, architects and publishing companies. The new buyer, who will continue to continue to operate the building as a commercial office property, will retain existing property managers, Alan Kahn Associates Inc. Michael Corstidis Esq. represented the buyer, and while legal representation for the seller was Joni Walaski Esq.