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AY Team Brings Duo of Properties into Contract
Avison Young’s tri-state investment sales team has marketed a pair of Manhattan properties in a bankruptcy proceeding and brought both into contract in less than 90 days. The properties, in East Harlem and the East Village, sold for $17 million.
A joint venture between The Hakimian Organization & Certes Partners, along with investment partner Red Pine Capital Partners, purchased a four-story, 15,450-square-foot, commercial building at 212-216 E. 125th St. for $10 million.
“This property is in a terrific location in a vibrant area that is attracting residents seeking an affordable neighborhood in Manhattan,” said Avison Young’s James Nelson (pictured), who marketed the properties with Brandon Polakoff and Toku Saito.
In the second transaction, developer Station Companies paid $7 million for a vacant development site at 14 Second Ave. “This site was particularly desirable because it provides for light on the three sides and views to the south and west,” said Polakoff.
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