PARTNERSHIP SELLS MIXED-USE ASSET FOR $12.9M

by admin

NEW YORK CITY — The Praedium Group and partner NorthEnd Equities have sold the leasehold interest in 16 West 36th Street in Manhattan to Kiamie Industries Inc. In a little over a year since acquiring the asset, the partners sold the building for $12.9 million. The 13-story office and retail asset is located in the Midtown South neighborhood. Since acquiring the building in February 2012, the partnership has increased the building’s occupancy from 68 percent to 95 percent. Located between Fifth Avenue and Avenue of the Americas, the building was constructed in 1920. Neil Helman and Charles Kingsley, both principals at Avison Young’s Capital Markets Group, represented the sellers in the transaction.

You may also like