$27m price tag for PAS apartment building

Real Estate Weekly,  Jan 23, 2008  

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David Schlamm, president of City Connections Realty, announced that his firm has been retained as the exclusive broker and marketing agent for 220 Park Avenue South in Manhattan for a price of $28.5 million.

The apartment building offers a significant investment opportunity as many of the units are not currently at market rent.

Located just one block from the vibrant Union Square Park, the property is situated on a 3,301 square foot lot. The brick, limestone and east-iron elevator building has 37 decontrolled apartments. The units are loft-like spaces with scalloped ceilings and oversized windows. The trendy Ham Japanese restaurant occupies the ground floor as its retail tenant.

For the past 20 years, City Connections Realty has been the exclusive rental broker for the present owners and they have now been called upon to broker the sale of this unique investment property.

Schlamm noted, "We are very excited to be involved with the sale of 220 Park Avenue South. This one-of-a-kind building in a prime Union Square location has excellent upside potential."

COPYRIGHT 2008 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning