Case Studies

500 West 28th Street, New York, NY

 

PATIENCE + PERSISTENCE = PAYOFF

 

Property:  500 West 28th Street, a.k.a. 311 10th Avenue, New York, NY

 

Challenge:  Execute a sale amidst an ongoing foreclosure while navigating a complicated buyout which the transaction hinged on.

 

Story: The subject property is a mixed use walkup building in West Chelsea, occupying what became a highly desirable corner abutting The Highline.  It had been marketed on and off for over a year by the owner as well as other brokers.  Over the course of a year, we saw offers go from approximately $4,500,000 up to $6,500,000 and a contract on the property was issued for $7,000,000 to a buyer who was interested in vacating the building and redeveloping the site. Due to complications, that purchaser dropped the contract.

 

Results: Besen sold the building to Related for $7,800,000.  They are developing a luxury condominium down the block at 540 West 28th and opted to utilize the property as a field office in the short-term.

 

Involved: