Marcus & Millichap Real Estate Investment Services has arranged the sale of the historic Fine Arts Building located at 232-236 East 59th St. in Manhattan for $34 million.
Tanya Siegel and Kailin Zhu, investment specialists in Marcus & Millichap’s Manhattan office, exclusively represented the seller, 232 Battaglia Realty LLC. The buyer is a foreign investment fund. Howard Morrel, a senior vice president at Brown Harris Stevens, referred the buyer to Marcus & Millichap.
“The Fine Arts Building was built circa 1908 as a carriage house to Bloomingdale’s Flagship Store a block away,” says Siegel. “The Battaglia family purchased the building from the Bloomingdale heirs in the 1950s and has been diligently upgrading it throughout the years to incorporate modern conveniences while maintaining its historic and architectural charm.”
Situated on the south side of 59th Street between Second and Third avenues, this cast iron six-and-half-story elevator building has 75 feet of frontage and 92 feet of depth.
“Being three doors from the world-famous Decoration & Design Building in the heart of New York’s design center, The Fine Arts Building’s 47,000 square feet of loft showrooms is home to some of the most prestigious European and American firms in the high-end luxury home furnishing and interior design industry,” adds Zhu. “The building is centrally located in Manhattan’s East Midtown with access to everything.”
Due to high demand for quality investment properties in Manhattan, Siegel and Zhu were able to negotiate for the seller an all-cash transaction that closed two weeks after contract signing.