Lee’s Art Shop’s [2 ½ year] Going Out of Business Sale
When it came time for the Big Apple institution Lee’s Art Shop to finally sell its longtime home on 57th Street, the deal took more than a New York minute – even when there was $82 million on the table.
After more than six decades serving the city’s artistic set – and with the real estate market as high as the supertall towers on Billionaires’ Row – the owners of Lee’s decided in 2013 that it was time to sell.
But they had an unusual request: The family behind the business needed an unusually long closing period in order to wind down the shop at 220 West 57th Street. Two-and-a-half years later, Thor Equities and General Growth Properties closed on their $81.5 million purchase, and the brokers at Besen & Associates came away with an award-worthy deal.
Besen’s Amit Doshi and Lynda Blumberg are in the running for a Real Estate Board of New York Most Ingenious Deal of the Year Award for their transaction, titled “Going Out of Business Sale: The Disposition of Lee’s Art Shop on West 57th Street.”