Okada & Company Sells 137 East 47th Street for $8 M.
By Michael Ewing May 16, 2013 12:46 pm
reprints![Okada & Company Sells 137 East 47th Street for $8 M. Courtesy of Google](http://observer-media.go-vip.net/wp-content/uploads/sites/3/2013/05/screen-shot-2013-05-16-at-12-44-11-pm.png?w=116)
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.