The mixed-use building at 137 East 47th Street between Third and Lexington Avenues has been sold for $8 million dollars. The owners, undisclosed local investors, sold the building for nearly four times the price they paid less than a decade ago.
“The sellers bought in 7-8 years ago for $2.4 million dollars and today exited at $8 million,” said Christopher Okada, president of Okada & Company. “It was a huge run.”
Mr. Okada was the exclusive broker on both deals – this one and the initial purchase in 2005 – for the building. The property is relatively simple, spanning 4,000 square feet across four stories with zoning for residential and retail space on the ground level. Donburiya, a Japanese restaurant raved on Yelp, occupies the base now.
Sources close to the deal have noted that renovations are unlikely as the building makes a solid income.