NEW YORK CITY-Brookfield Financial announced Wednesday it has been retained as the exclusive sales agent for 247 West 30th St., a 70,200 square-foot pre-war office building with a retail component. The current asking price for the property is $35 million.
The Brookfield Financial brokerage team of Eric Anton and Ron Solarz,with Eric Weinberg, is spearheading the building's sales effort for 247 on behalf of the sellers, Infinity Real Estate and Katz Properties. The team is credited with over $5.5 billion in commercial real estate sales on behalf of sellers and buyers in the Tri-State area during the last 10 years, according to the announcement. The three brokers made names for themselves at Eastern Consolidated, which they left about a year and a half ago, a spokesman tells GlobeSt.com.
Says Anton, managing partner, in the announcement, "247 West 30th Street offers a huge upside and we're anticipating strong interest in its sale." Solarz adds, "This is a great opportunity for any buyer looking to secure an attractive Manhattan property in a great location, right in the cross hairs of the new Class A properties being developed on Manhattan's Far West Side and traditional Midtown office stock. The property is particularly appealing to New York's thriving creative and technology industries and is an ideal choice for tenants looking for a hip neighborhood without the huge rents found in other areas in Midtown South."
The pre-war 247 West 30th building is currently over 98% occupied and is home to 21 boutique office tenants, as well as a retail restaurant/bar tenant. The building's rents are substantially below market, according to the announcement, and 34% of the property's space rolls in 2014 and 2015. In addition, the property features outdoor terraces on the upper floors.
The building also offers potential buyers an attractive mortgage already in place, the announcement states. Weinberg notes that the building is priced to move as ownership is seeking to benefit from a temporary reduced recognition period for S-corporations that will conclude at the end of this year.
"Usually an s-corp must wait ten-years to avoid built-in gains known as the 'big tax' if an owner acquired assets from a C-corporation," he says in the release. "However, the American Taxpayer Relief Act of 2012 extended the five-year recognition period through 2013. Ownership must complete a sale before year's end to take advantage of this unique tax efficient opportunity."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
