Gramercy North/Murray Hill Portfolio: 360, 362, 364, 366 and 368 Third Avenue
New York, NY
Gramercy North/Murray Hill Portfolio, New York, NY 10016
Asset Type: Mixed Use
Besen & Associates has completed the sale of five mixed use properties at 360, 362, 364, 366 and 368 Third Avenue, located between East 26th & East 27th Streets. These walkup buildings consist of 56 apartments and 5 stores, and span 125 feet along the west side of Third Avenue. The properties were sold by three separate long-term owners, and the exclusive listings were handled by Daniel Shapiro and Matthew Garcia of Besen & Associates, and Alex Frants of Besen procured the buyer. The portfolio traded for a total of $49.6 million.
360 and 362 are both five-story walkups, and 364 is a six story building, offering a combined total of 34,130 gross square feet. Together they occupy 74’ of frontage on Third Avenue, on a 112’ deep lot. The three properties were exclusively represented by Daniel Shapiro, and sold for $29 million. There is 6,000 total square feet of retail space and 28,130 square feet of residential. Retail tenants include a café, a pinball game parlor/showroom, a nail salon, and a Mexican restaurant, with retail rent at an average of $68 per square foot and flexible leases rolling through 2023. Residential tenancy is a mix of both free market and rent stabilized leases. “There was strong competition vying for this property as a result of our exhaustive marketing,” said Dan Shapiro. “After we presented numerous bids, a winner emerged with the highest price and best terms,” he continued.
Matthew Garcia of Besen & Associates exclusively represented the seller of 368 Third Avenue and later struck a deal to sell 366. 368 contains eight residential apartments, one commercial unit and a store within front and back buildings on a 25’ by 112’ lot. The building has 11,356 gross square feet and sold for $8.5 million. 366 Third Avenue, a 4-story commercial building housing East restaurant, a triple net lease tenant on a one-year lease, sold for $12.1 million. Garcia stated the following: “Coordinating the sale amongst three different long term owners is challenging enough in and of itself. The owner of 366 realized we could ultimately offer the best value, and we were able to put the entire deal together.”
Alex Frants had previously sold 130 Seventh Avenue South in the West Village to Itzhaki. “Erez, Jane and their teams have been highly effective in identifying good opportunities and moving swiftly to close,” he stated. “We look forward to seeing how Itzhaki Acquisitions and Continental Ventures enhance the assets as they continue to grow their rental portfolio,” he added.