Isaac Hakim of Tristar Group is on the hunt for bigger and better buildings afetr turning a nice profit on a midtown office property.
Tristar sold 12 East 44th Street for $27 million to First Pioneer Properties. Tristar bought the building, along with 14 East 44th Street in 1995, $2.6 million.
12 East 44th Street is an eight-story commercial office property located between Fifth and Madison Avenue and is approximately 20,000 s/f with single floor occupants.
“Even though the zoning is changing in the Midtown East area, we had previously sold the existing air rights to Harry Macklowe,” explained Hakim. “We are now concentrating and actively looking for larger properties.
“While Manhattan prices may continue to rise, we felt very comfortable selling at approximately $1,300 dollars psf. The new buyers are very sophisticated and I am sure they will do very well with the property.”
Hakim praised the building’s geography. “It’s probably one of the most prime locations in Manhattan. Obviously it’s a piece of gold in terms of location.
