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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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
