A storage facility for fine art at 305 East 61st Street in the Upper East Side was sold for $40 million.
“Even though this property had some unique challenges due to the current zoning, we were able to secure a buyer who was able to pay a premium for the asset based upon the long-term upside potential,” said Bob Knakal, Chairman, New York Investment Sales at Cushman & Wakefield.
The 11-story building, which was purchased in an all-cash transaction, was delivered with 65,558 s/f of space and 358 individual storage lockers. Before the sale, the property had plumbing and mechanical system upgrades.
According to a previous report from the Real Deal, the buyer, developer Mitchell Marks, plans to convert the property into a condo building. EMS Capital, the seller, bought the building for $28 million in 2012.
A Cushman & Wakefield team composed of Knakal, Clint Olsen and Jonathan Hagerman handled the sale.