Brookfield Financial announced it has been retained as the exclusive sales agent for 247 West 30th Street, a 70,200 s/f pre-war office building with a retail component, located in Chelsea.
The asking price for the property is $35 million.
The Brookfield team of Eric Anton and Ron Solarz with Eric Weinberg are spearheading the sales effort for 247 West 30th on behalf of the sellers, Infinity Real Estate and Katz Properties. A venture of Infinity Office Properties LLC, Katz Properties LLC, and real estate investor Michael Sokolow, bought the property for $15.85 million in 2008.
The pre-war 247 West 30th building is currently over 98% occupied and is home to 21 boutique office tenants, as well as a retail restaurant/bar tenant. The building’s rents are below market and 34% of the property’s space rolls in 2014 and 2015. In addition, the property features outdoor terraces on the upper floors.
The property also offers potential buyers a mortgage already in place. In addition, Weinberg noted that the building is priced to move as ownership is seeking to benefit from a temporary reduced recognition period for S-Corporations concluding at the end of this year.
“Usually an S-Corp must wait ten-years to avoid built-in gains known as the ‘big tax’ if an owner acquired assets from a C-Corporation,” Weinberg explained. “However, the American Taxpayer Relief Act of 2012 extended the five-year recognition period through 2013. Ownership must complete a sale before year’s end to take advantage of this unique tax efficient opportunity.”