"The buyer is an international fund with a value-add approach to real estate transactions in Manhattan," Shkury tells GlobeSt.com. He couldn't disclose any further information pertaining to the buyer at this time.
Shkury and Michael Tortorici, of Massey Knakal Northern Manhattan, headed the sales team, which also included Mark Spinelli, a director of sales specializing in Midtown, and Robert Knakal, the firm's chairman and managing partner. Shkury says the projected income for the buildings is $2.8 million--$2.2 million in residential income and $638,350 in commercial income.
"The two buildings at 15-19 W. 55th St. present the buyers with a number of excellent investment options," Shkury notes. "The current zoning gives them the flexibility to buy and hold, or convert the property to a hotel or condominium development."
Spinelli adds that the buildings possess a number of attractive characteristics that generated a great deal of interest from potential buyers. "The buildings total 100,420 sf, consists of 66,688 sf of residential space, 13,824 sf of commercial space, and 19,908 sf of air rights," he says. "Other features include a new elevator system, new windows, 64 apartments, 20 of which are vacant, nine floors plus a penthouse, and four retail tenants housed in the commercial space."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
