Joint Venture Buys 517 Second Avenue for $5.1M
A joint venture between The Kalikow Group and Ben Haghani and Misha Haghani of Steelpoint Property Group has acquired the mixed-use property at 517 Second Avenue from Rana Associates for $5.1 million.
The four-story building features a ground-floor restaurant and vacant apartments on the second, third and fourth floors. A one-bedroom apartment in the building was last listed for rent for $3,678 per month, according to StreetEasy.
“We are excited by this building’s possibilities,” said Edward Kalikow, the president and chief executive of The Kalikow Group, in a prepared statement. “Our plans for 517 2nd Avenue are currently focused on the lease-up of the residential units. We are excited to be partnering with Ben and Misha, as their experience with Manhattan residential properties will help make this property shine.”
The building has approximately 10,000 square feet of air rights, according to GlobeSt.com, which first reported the sale. The buyer intends to renovate and lease the building’s apartment units, which are not rent-regulated, according to the report.
“Whether we want to work on developing the existing site or put together an assemblage, we can sit and evaluate our options while we’re making money on our investment. We will get about a 6 percent return,” Mr. Kalikow told GlobeSt.com.