$595 a Foot On Park Avenue South
Tom Acitelli July 7, 2011, 3:26 p.m.
The mixed-use residential and retail property, 220 Park Avenue South, near Gramercy Park and Union Square has sold for $20 million, brokers said. With a taking price of $595 per square foot, the turn-of-the-century, 33,638-square-foot building and its 37 rental units could be ripe for a condo conversion, said Peter Von Der Ahe of Marcus & Millichap Real Estate Investment Services, which negotiated the sale.
“This building presents the new ownership with many future redevelopment opportunities, including conversion to condos,” said Mr. Von Der Ahe of the building, which also houses the restaurant Haru in a 2,650-square-foot retail space. “In this particular submarket, property owners have commanded north of $1,300-plus per square foot for newly constructed condominiums.”