Newmark Grubb Knight Frank (NGKF) has completed the sale of 781 Eighth Avenue in Manhattan, a four-story commercial building with 9,000 square feet of leasable space, formerly the home of Gotham Video. Located between 47th and 48th Streets in the heart of the theater district, the asset traded for $6.85 million, or more than $760 per rentable square foot.
Jonathan Krivine, a director with NGKF Retail, and Dennis Karr, managing director, arranged the sale on behalf of the owner, principals of City Knickerbocker Lighting, which had previously occupied the entire building for 50 years. They were assisted by Lewis A. Kerman, president of LK Allen Inc. Brandon Eisenman of RKF represented the buyer, 781 Eighth Avenue Owner, LLC.
“This transaction and the sale price signal a continued resurgence of real estate values in Manhattan’s Midtown West market,” said Mr. Krivine. “With its location in the middle of a busy 24/7 block with proximity to theaters, hotels, restaurants, shops and apartment buildings, the interest level in this availability was extremely high.
“The building is currently vacant and is ideally situated for a restaurant or café on the ground floor with offices on top,” he said. “While the buyer has not indicated their intentions, one would assume that this will be a high priority location for potential tenants.”
Originally constructed in 1920, the mixed-use building includes a full basement. The upper four floors feature a loft-style interior.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.