JLL sells 219-221 East 59th Street for GAK Properties
Cofinance Group acquires contiguous, mixed-use properties totaling 10,560 square feet for $10.85M
NEW YORK, April 14, 2020 — JLL Capital Markets announced today it has completed the sale of 219-221 East 59th Street, two contiguous, mixed-use properties in New York’s Midtown East submarket, for GAK Properties LLC. Cofinance Inc., the U.S. subsidiary of Cofinance Group SA, acquired the 10,560-square-foot asset for $10.85 million.
The properties at 219-221 East 59th Street are both three-story, fully free-market buildings that span 10,560 square feet of residential and retail space, and each has nearly identical floorplates. The second and third floors each contain full-floor apartments, with the second-floor units featuring 660-square-foot balconies. The properties also each have a 1,400-square-foot rooftop space for tenant use. Both buildings include 3,960 square feet of ground-floor retail space currently occupied by separate retail tenants.
The property is situated directly across the street from the Decoration & Design Building and a block away from Bloomingdale’s world-renowned flagship, as well as a surplus of designer, gallery and boutique tenants. 219-221 East 59th Street is accessible via the 4, 5, 6, N, Q, R, W, F, M and E subway trains, as well as the Queensboro Bridge and the Roosevelt Island Tram.
The JLL professionals overseeing the sale of 219-221 East 59th Street included Managing Directors Tom Gammino and Clint Olsen; and Directors Albert Mamiye, Connor Murphy, Jeremy Simon and Chris Skitch. The buyer was represented by Jeffrey Znaty, director of multifamily, with Kassin Sabbagh Realty.
“The building presents a unique chance for Cofinance, led by Mark Winter-Gitelson, to reconfigure the vacant free-market residential units, and potentially add bulk to 219-221 East 59th Street,” Gammino said.
“219-221 East 59th Street is ideally located in the heart of Midtown East, benefiting from countless retailers, amenities and public transportation options,” Olsen said. “This is an excellent investment, as the buildings offer a combined 7,114 square feet of air rights, offering the opportunity to add additional floors to each property.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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