RKF Completes Retail Condominium Sale for 1031 Tax Free Exchange at 25 West 51st Street
06/09/2006
06/09/2006
Building to grow from seven to twenty-five floors
NEW YORK, NY — Robert K. Futterman & Associates, LLC (RKF), the nation's leading independent real estate firm specializing in retail leasing and investment sales, represented both First Sterling Corporation and West 51st Street, LLC in the sale of 25 West 51st Street located between Fifth and Sixth Avenues near Rockefeller Center in Midtown Manhattan. The retail space of the building comprises 6,500 square feet.
The seven-floor former Banca Nazional del Lavoro building will be converted into a 25-floor private corporate hotel. RKF Senior Director Mark Kapnick represented the buyer, First Sterling Corporation, and seller, West 51st Street, LLC in the transaction.
"First Sterling exercised a 1031 Tax Free Exchange in purchasing the retail condo portion at 25 West 51st Street," said Kapnick.
The retail condo sold for $25 million.
The country's leading independent real estate firm specializing in retail leasing and investment sales, Robert K. Futterman & Associates LLC (RKF) serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and disposition. With over $4 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Las Vegas, Los Angeles and San Francisco.
back
NEW YORK, NY — Robert K. Futterman & Associates, LLC (RKF), the nation's leading independent real estate firm specializing in retail leasing and investment sales, represented both First Sterling Corporation and West 51st Street, LLC in the sale of 25 West 51st Street located between Fifth and Sixth Avenues near Rockefeller Center in Midtown Manhattan. The retail space of the building comprises 6,500 square feet.
The seven-floor former Banca Nazional del Lavoro building will be converted into a 25-floor private corporate hotel. RKF Senior Director Mark Kapnick represented the buyer, First Sterling Corporation, and seller, West 51st Street, LLC in the transaction.
"First Sterling exercised a 1031 Tax Free Exchange in purchasing the retail condo portion at 25 West 51st Street," said Kapnick.
The retail condo sold for $25 million.
The country's leading independent real estate firm specializing in retail leasing and investment sales, Robert K. Futterman & Associates LLC (RKF) serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and disposition. With over $4 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Las Vegas, Los Angeles and San Francisco.
back
