A mixed-use building in Manhattan's Flatiron District, managed by GFP Real Estate, has changed hands. The twelve-storey property at 118 West 22nd Street, which GFP managed on behalf of its owner Adlie Associates, was sold to Zar Property NY. The purchase price amounted to $28 million. The transaction was supported by a $19.6 million financing package from Filler Capital, according to property records released on Wednesday.
The sale includes the ground floor of the building, which houses a 3,300 square foot retail space including the basement, as well as ten rental flats on the upper floors. These comprise eight two-bedroom units and two three-bedroom duplex penthouses. Accordingly, the property offers versatile use, combining residential and retail under one roof, which is typical for the Flatiron District.
Property History and Location
The building, constructed in 1920, was acquired by Adlie Associates in 1999 for $3.6 million. It is situated between Sixth and Seventh Avenue and benefits from a central location in the Flatiron District, a sought-after neighbourhood in Manhattan known for its blend of historic architecture, retail, and residential spaces. Its proximity to major transport hubs and cultural institutions contributes to the attractiveness of the location.
Zar Property NY is a well-known player in the New York real estate market and possesses a portfolio of properties in prime locations. This acquisition underscores the company's continued investment strategy to secure high-quality assets in growing and stable markets. The financing by Filler Capital, a specialist in real estate loans, illustrates confidence in the property's value and potential.
Market Outlook in the Flatiron District
The Flatiron District remains a dynamic market segment in New York City, valued for its high demand and the diversity of properties on offer. Properties such as 118 West 22nd Street, which provide both residential and retail space, are particularly sought after as they cater to diverse tenant needs and enable stable cash flow generation. The current transaction reflects investors' ongoing interest in mixed-use properties in Manhattan.
