Midtown East building ripe for boutique hotel conversion trades for $16.4M

“The $1,000-per-foot building metric is a lasting phenomenon”: David Schectman

New York /
Oct.October 09, 2013 09:00 AM

A Small Midtown Office Building Just Off Fifth Avenue has sold for $16.4 million – or just north of $1,000 per square foot — to a Korean investor making his debut in the New York City market.

The 16,115-square-foot building at 4 East 46th Street comes with 30,000 square feet of air rights, making it a viable prospect as a boutique hotel. The building could also receive additional air rights if the Midtown East rezoning proposal is approved.

The buyer, Tony Park of PD Properties, has secured a dentistry practice which has over 200 locations worldwide as the anchor tenant, the New York Post reported. The building is the longtime home of Ed Friedman’s DJM Post Production, a popular film-editing company. Friedman will vacate the five upper floors of the building next year. Vitae Restaurant occupies the first, mezzanine and basement levels.

The property was marketed by Eastern Consolidated’s David Schechtman and Steven Zimmerman. “The $1,000-per-foot building metric is a lasting phenomenon,” Schectman told the Post. [NYP]  – Hiten Samtani


Related Articles

arrow_forward_ios
550 Madison Avenue and Chubb Group CEO Evan Greenberg (Getty, 550 Madison)
Chubb Group negotiating 10-floor lease at Olayan’s 550 Madison Avenue
Chubb Group negotiating 10-floor lease at Olayan’s 550 Madison Avenue
429 East 52nd Street
Corporate tenants ride motorcycles in a Midtown high-rise: lawsuit
Corporate tenants ride motorcycles in a Midtown high-rise: lawsuit
SL Green’s Marc Holliday and 711 Third Avenue. (SL Green)
Connecticut hedge fund takes 20K sf at SL Green’s 711 Third Avenue
Connecticut hedge fund takes 20K sf at SL Green’s 711 Third Avenue
525 Lexington Avenue and Deka bank CEO Michael Rüdiger (Photos via Google Maps, Getty Images)
German lender forecloses on East Side Marriott hotel
German lender forecloses on East Side Marriott hotel
Peter Hauspurg
Eastern Consolidated founder Peter Hauspurg dies
Eastern Consolidated founder Peter Hauspurg dies
Photo illustration of GDSNY CEO Michael Kirchmann, Klövern CEO Rutger Arnhult and 417 Park Avenue (Google Maps, iStock)
Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds
Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds
David Schechtman, Bob Knakal, Peter Von der Ahe
Top I-sales brokers on what to do when there are no deals
Top I-sales brokers on what to do when there are no deals
From left: GDSNY CEO Michael Kirchmann, 417 Park Avenue and Klövern CEO Rutger Arnhult (Credit: Google Maps)
GDS Development, Klövern buy Midtown East co-op for $184M
GDS Development, Klövern buy Midtown East co-op for $184M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...