Joe Sabbagh’s Ultimate Realty sold a five-story mixed-use building at 28 East 14th Street for $29.5 million to investor Derrick Fok.
That price, for 11,875 square feet consisting of ground-floor retail and eight market-rate apartments, comes out to $2,484 per square foot, one of the priciest per-square-foot sales ever in the neighborhood. The transaction was all cash, according to CityBizList. Ultimate Realty originally acquired the property in 2000 for just $2 million.
The building sits just east of Union Square between University Place and Fifth Avenue and has unused development rights. Shoe retailer Journey’s currently occupies the retail space.
Cushman & Wakefield’s James Nelson represented Ultimate Realty in the transaction, and Julie Kang of Keller Williams NYC represented Fok.
Ultimate acquired two apartment buildings in Park Slope for a total of $6.4 million last month. [CityBizList] — Tess Hofmann