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Brokerage
Posted: July 5, 2016
Cirolli-Quinones and Haas of Besen & Associates complete $9.25 million sale
Jesse Cirolli-Quinones, Bessen & Associates
316 and 318 East 81st Street - Manhattan, NY
Rolfe Haas, Besen & Associates
Manhattan, NY Besen & Associates has completed the sale of two contiguous 3-story residential buildings including 316 and 318 East 81st St. between First and Second Aves. on the Upper East Side. Acquisition of the two properties presents a rare redevelopment opportunity, with 30’ of frontage and a 102’ deep lot. The transaction was completed by Besen & Associates for $9.25 million. Jesse Cirolli-Quinones represented the buyer and Rolfe Haas represented the seller.
With a total of 12,232 buildable s/f, the purchaser of 316 and 318 East 81st St. plans to develop the properties into luxury residential housing.
316 is a single-family, while 318 is a multifamily walk-up building containing seven units. Each is built 15’ by 45’, on a 102’ lot. The properties fall within R8B zoning with an FAR of 4.0, and they are presently under built. The sale price of $9.25 million equates to $750 per buildable s/f. The sale was in contract for almost a year, and the buildings were delivered vacant. Cirolli-Quinones said, “One of the key components of the deal was that the owner allowed the purchaser to close after they got all their permits and plans approved.”
Besen & Associates is a leading, full-service investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers knowledge and analytical tools to handle all facets of commercial real estate transactions including investment sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients.
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