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Turnkey Asset in Midtown East Sells Above Asking Price

Avison Young arranged the sale of a newly-built six-story, mixed-use property at 242 E. 58th St. in Midtown East. The property sold for $11.5 million, or $500,000 higher than the asking price.

The sale was arranged on behalf of owner Lanson Properties by principal and head of Tri-State investment sales James Nelson along with director David Shalom, associate director Eric Karmitz and associate Carter Lovejoy.

“I’m very proud of our team for swiftly completing the sale of this beautiful, turnkey asset at a figure that came in above the original asking price,” Nelson said. “Our team was the third firm to market this property and we’re happy that our team put the property in contract and closed it in less than 30 days.”

Built in 2009, the fully-vacant 10,000-square-foot mixed-use glass and steel property features ground floor, mezzanine and basement retail space, along with two residential units on upper floors.

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About Paul Bubny

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 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).

  • ◦Sale/Acquisition