CBRE’s Darcy Stacom and William Shanahan Handling Sale of Two Midtown Buildings
By Daniel Edward Rosen April 9, 2012 3:08 pm
reprintsCBRE brokers Paul Gillen, Darcy Stacom, and William Shanahan have been enlisted by an Italian family to sell two midtown properties.
Both 22 West 48th Street and 15 West 47th street will be hitting the market and are expected to fetch up over $50 million each, Crain’s New York reports.
Located between Fifth and Sixth avenues, 22. West 48th Street boasts more than 68,000 square feet of usable office space, according to Property Shark.
Aaron Lieber of Drummond & Hill Inc., the third party manager of 22 West 48th Street’s Property Shark page, was not immediately available for comment. The name of the Italian family was not immediately known.
15 West 47th Street, also located between Fifth and Sixth avenues, boasts more than 120,000 square feet of total space and could be sold for upwards of $80 million, Crain’s New York reports.
With the dearth of Midtown properties up for sale nowadays, these two buildings should expect to see a lot of high bids for it, said Crain’s:
“There isn’t much sizable commercial real estate for sale in Manhattan these days, and demand is high as investors seek a safe place to park their money amid global and economic uncertainties. Still, financing for such purchases can be difficult to find, especially for newer buyers or those unable to put a significant amount of equity into a purchase.”
Ms. Stacom declined comment when reached by phone. Mr. Gillen declined comment as well. Mr. Shanahan could not be reached for comment.
Both buildings house a large number of jewelry and diamond tenants, said a source close to the ownership group, whose name the person refused to reveal.
The property on 48th street is being looked at for different future uses, given its proximity to Rockefeller Center, that person told The Commercial Observer.
drosen@observer.com
