September 6, 2016
EMS Capital sold a storage facility for fine art on the Upper East Side to developer Mitchell Marks. The buyer paid $40 million for the asset at 305 E. 61st St., and has plans to convert the property into a condo building. EMS had acquired the building in 2012 for $28 million; the original ask was $49.2 million.
The 11-story, 65,558-square-foot building underwent plumbing and mechanical system upgrades before the sale. According to Cushman & Wakefield’s Bob Knakal, the property’s zoning created “unique challenges.” However, he noted, the buyer liked the asset’s long-term potential, and was willing to pay a premium for it.
Knakal and colleagues Clint Olsen and Jonathan Hagerman brokered the transaction.
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