Contiguous Mixed-Use Properties Trade to Cofinance
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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).