Colliers International has arranged the relocation of the Albert Ellis Institute—a non-profit psychotherapy training institute—from the Upper East Side to Midtown South. The organization's headquarters—a six-story townhouse at 45 E. 65th St.—was sold to a private buyer. Located between Madison and Park avenues, the building's price in the transaction was undislosed. Simultaneously, Colliers arranged an 8,000-square-foot sublease on behalf of the Ellis Institute at 145 E. 32nd St., in Midtown South. The nonprofit organization sublet the entire ninth floor from Ameripath, a subsidiary of Quest Diagnostics.
An approximately 7,050-square-foot townhouse at 27 E. 11th St., between University Place and 5th avenue was sold through the work of Massey Knakal, for $11.8 million.The property stands five-stories tall and is configured as four free market units. The sale price equates to about $1,674 per-square-foot. Originally built for dry goods merchant Samuel Holmes in 1844, this Greek Revival property was delivered vacant, as the previous owner had started the restoration process. The property benefits from high ceilings on the parlor and garden floor.
Retail doyenne Faith Hope Consolo, chairman, Joseph Aquino, EVP and Arthur Maglio, consultant of Douglas Elliman's retail group have arranged a lease for Finest Café & Marketplace at 46 Trinity Place, between Edgar and Rector streets. The 1,700-square-foot store will be the restaurant group's fifth Manhattan location and its first in the Financial District.
Savanna has inked new leases at two of its properties—80 Broad St. and 100 Wall St.—with Gregory's Coffee. The upscale caffeine purveyor has agreed to occupy approximately 1,100 rentable square feet at each location on portions of the ground and basement floors for a 15-year term. Amy Zhen, associate and Marc Frankel, senior managing director of Newmark Grubb Knight Frank represented the landlord, Savanna, in both transactions, while Benjamin Birnbaum, managing director of Newmark Grubb Knight Frank represented the tenant in the 100 Wall St. transaction.
Massey Knakal has sold a block through development site at 113-117 W. 24th St. (aka 112-118 W. 25th St.), located between Sixth and Seventh Avenues, for $67.5 million. The site consists of a fee position in an existing three-story parking garage that along with additional air rights from adjacent parcels. The zoning for the site is M1-6, positioning the property for hotel development. The base zoning allows for a 10.0 FAR density as-of-right, which equates to approximately 156,000 buildable square feet. Additionally, the previous ownership purchased approximately 112,600 square feet of transferable development rights from adjacent parcels. As a result, the total development yields approximately 270,000 buildable square feet, with the sale price equating to approximately $251 per buildable square foot.
Massey Knakal also arranged the $17 million sale of a mixed-use building at 859-861 9th Ave, on the southwest corner of Ninth avenue and west 56th street. The six-story building contains approximately 28,782 square feet that includes ground floor restaurant space and 40 one-bedroom rental units. The sale price equates to approximately $591 per square foot.
HFF secured acquisition and pre-development financing for 138 E. 50th St., in Midtown East. HFF worked on behalf of the borrower, 50 Lex Development, LLC, a joint venture of Ceruzzi Holdings LLC and Immovate North America, Inc., which is a subsidiary of Immovate Projektentwicklungs GMBH of Graz, Austria. No dollar amount was given for the two-year, floating-rate, non-recourse loan, which was arranged with a major US investment bank that was not identified in the deal's announcement.
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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.
