November 20, 2019
Peter Carillo of HKS Real Estate Advisors and Ben Tapper with Lee & Associates NYC negotiated a 99-year leasehold at 777 Eighth Ave., between West 47th and West 48th streets. Deal terms weren’t disclosed.
Carillo and Tapper represented the property owner, 777 Eighth LLC, and Joseph Genovese of Lee Odell Real Estate advised the tenant, a developer who plans to erect a 200-key hotel. It’s the second leasehold that Carillo and Tapper have created for this owner in this neighborhood in the past three years.
“Located only one block from the heart of Times Square, this development opportunity is ideally situated for hotel use, with numerous shopping, dining, and theater options within walking distance,” said Tapper.
Surrounding flagship and destination shopping options include H&M, Forever 21, MAC Cosmetics, and M&M’s World store. 777 Eighth is within walking distance of the A, C, E, N, R, W, and 1 subway lines.
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