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Glenn Raff sold Midtown West 6-Story Elevator Building for $47.5M

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Glenn Raff of Alpha Realty sold Midtown West 6-Story Elevator Building for $47.5 million

A private local investor has bought this 1945 mixed-use six-story corner elevator apartment building for 20.7 times the rent roll in Hell’s Kitchen. The recently renovated 37,000-square-foot building has 37 apartments — 29 rented at market rates and eight that are rent-stabilized — with rents averaging $3,300. The Greek Kitchen and Boston Market occupy the retail spaces. The property offers a cap rate of 3.85 percent, as well as 20,000 square feet in air rights.

Buyer: Rich International

Buyer’s Broker: Glenn Raff, Alpha Realty

Seller: Benchmark Real Estate Group

Seller’s Broker: Eric Anton, HFF

 

The New York Times

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Alpha Realty Investment Sales

6 East 39th Street, Suite 701
New York, NY 10016
Phone: 212.658.0955
Email: marketing@alpharealtyny.com