April 15, 2020 Comments Off on Contiguous Mixed-Use Properties Trade to Cofinance Views: 472 Midtown New York, New York News

Contiguous Mixed-Use Properties Trade to Cofinance

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JLL Capital Markets completed the sale of 219-221 E. 59th St., two contiguous, mixed-use properties in Midtown East, 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 E. 59th are both three-story, fully free-market buildings with nearly identical layouts. They’re a mix of apartments and ground-floor retail.

A JLL team of Tom Gammino, Clint Olsen, Albert Mamiye, Connor Murphy, Jeremy Simon and Chris Skitch handled the assignment. The buyer was represented by Jeffrey Znaty with Kassin Sabbagh Realty.

The acquisition represented “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 E. 59th,” said Gammino.

Olsen noted that the properties include a combined 7,114 square feet of air rights, “offering the opportunity to add additional floors to each property.”

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