Done Deals
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
MIDTOWN
14 E. 52nd St.
Six-floor building
Selling price: $12.5 million
A wedding dress retailer from Queens is the latest to join the Fifth Avenue set – well, almost. The firm just paid $12.5 million, or $885.79 a square foot, to purchase an entire building at 14 E. 52nd St., which is vacant, and plans to use the ground floor as its new flagship store.
Mark Spinelli of Massey Knakal Realty Services in Manhattan says the property generated a lot of interest from both owner/occupiers and developers. The new owner plans to spend about a year and a half redeveloping the 17,394-square-foot, six-level property, which they purchased, in part, for its close proximity to the exclusive retail strip just up the street.
“Now after you’ve gone shopping for the ring at Cartier,” Mr. Spinelli said, “you can just run round the corner and pick up the dress.”
UPPER WEST SIDE
120 W. 86th St.
47-unit residential building Selling price: $28 million
A quiet and relatively quick sale, recently, at 120 W. 86th St., netted the seller a cool $28 million ($548.25 a square foot). Not bad considering they paid $16.5 million only a year earlier. The seller had since renovated much of the 51,072-square-foot building, which includes 47 residential units. According to Meyrick Ferguson of Massey Knakal Realty Services, they hadn’t purchased with the intention of selling so soon. No doubt the huge increase in value over the period made them rethink their options. The new purchaser was well-known property investor and developer Jane Goldman.
