$47.5 million sale of 885 10th Avenue in New York closed by HFF
NEW YORK, NY – May 16, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 885 10th Avenue, a newly-renovated, six-story, 37,000-square-foot, elevator mixed-use residential and retail building located on the southwest corner of 58th Street and 10th Avenue in Manhattan’s Midtown West neighborhood.
HFF marketed the asset on behalf of Benchmark Real Estate Group. The purchaser, a private family, acquired the property for $47.5 million.
885 10th Avenue is situated to the west of the core Midtown office market and just north of the massive Hudson Yards mixed-use project. The property has 36 newly-upgraded units, which feature chef-style kitchens with Caesarstone countertops and stainless steel appliances; stone-tiled bathrooms with custom Carrera marble vanities; and wide-plank oak flooring. Other amenities include a new roof deck, laundry facilities, bike/general storage and a smartphone-based intercom system. Additionally, the property has two ground-floor retail spaces that are 100 percent leased and approximately 20,000 square feet of buildable air rights.
The HFF investment sales team representing the seller was led by senior managing director Eric Anton, managing director Jeff Julien and associate director Steven Rutman.
“The renovation project was extremely well executed. The large apartments offer great living spaces and the common areas have an elegant design,” said Anton. “Furthermore, surrounding retail is experiencing strong growth and demand from several large Class A apartment properties just completed in the neighborhood.”
About Benchmark Real Estate Group
Benchmark Real Estate Group is a real estate investment and management firm specializing in the acquisition and re-positioning of New York City multifamily assets through a value-add private equity fund structure. Founded in 2009 by Jordan Vogel and Aaron Feldman, Benchmark has acquired more than 1,000 apartments with a cumulative market value of over $750 million. Together, the pair have built a vertically integrated firm and are directly involved in all aspects of the acquisition, re-positioning and/or redevelopment process of each property.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.