June 30, 2011
Susan Hewitt of the Cheshire Group, previous owner Mark Terk and 1327-1329 Lexington Avenue
A low-key residential property company based in Greenwich Village paid $105 million for a 99-unit apartment building in Carnegie Hill whose fate had been uncertain following the death of the heir to the property three years ago.
October 03, 2006
In one of the largest sales this year, SEB Asset Management sold the Manhattan office building at 2 park Ave. to L & L Holding Co. LLC for $450 million, or approx. $470 per square foot. Read more in the article below.
September 25, 2006
Founder and president of RMB Properties, LLC, Rama Bassalali, brought together 463-479 Second Avenue, also known as 240 E 27th street for a price of $158 million. For more information, click the article below.
August 15, 2006
One of the best-kept secrets in the real estate business, RMB Properties, LLC, is a boutique commercial real estate brokerage firm that closes big deals and was named as one of the top brokerage firms in 2005 (by sales) by CoStar Group, and their sales keep increasing.
August 07, 2006
L&L Holding Co. and partner General Electric Pension Trust are buying 2 Park Ave., between East 32nd and East 33rd streets, for an undisclosed amount. RMB Properties represented the buyers on the deal, which has yet to close. In addition, L&L Holding has partnered with Lehman Brothers to acquire from the Goelet family an 85-year ground lease for 425 Park Ave., between East 55th and East 56th streets. CB Richard Ellis represented the buyers.
April 12, 2006
A Manhattan investor, listed as the entity 240 East 27th Street LLC, purchased the 26-story elevatored apartment building on 463 Second Ave. in New York from Wards Construction Co. for $158 million, or about $486,154 per unit. Built in 1977, the 26-story, 348,386-square-foot building is bounded by East 26th and East 27th streets. The property contains approximately 325 units; 100 studios, 75 one-bedroom, 100 two-bedroom, 21 junior two-bedroom, 21 three-bedroom and six five-bedroom units, plus one penthouse and one store which is currently occupied by Duane Reade Pharmacy. The building also has a 130-space car garage. The current net operating income of the building is $5.35 million. The new owner plans to convert the building into 40 rent stabilized and 285 free-market condominium units.
Rama Bassalali of RMB Properties was the sole broker.
January 04, 2006
The free standing structure occupied by KFC at 82-23 Queens Boulevard in Elmhurst Queens was sold for $3,425,000 to a Queens developer who plans to build a residential rental with retail and medical use on the lower floors. The seller was a family that owned it since 1945. The KFC lease expires in August 2006 and they vacated early in order to consolidate. The sellers independent counsel was Nelson Willick of Wesport, CT while the buyer was represented by Joseph Misk of Ginsberg & Misk of Queens Village.
The property plot size is 80 x 142 with a zoning of R6 in a C2-3 overlay. The existing net income from the triple net KFC was $115,000 which equates to a yield of 3.35% on this investment. The property was sold, however, based on development potential and not on existing income. Rama Bassalali president of RMB Properties was the sole broker in this transaction which reprsented the long term ownership based in the west coast and the buyer, a local real estate developer with many years of experience in multi-family development in Queens and Long Island. The deal closed 5 months from contract signing.
December 21, 2005
In a transaction that took 6 months to complete, 82-83 Queens Boulevard was sold for $3,425,000 by the family that has owned it since 1945. The building is a free standing retail structure now occupied by KFC. Rama Bassalali was the sole broker representing the buyer and the seller.
Link: CityFeet.com Article
October 24, 2004
A long-term property owner has sold a Greenwich Village portfolio for $55,500,000. The owners were not motivated to sell but finally gave in at a very high 14 times gross rents, working out to a return on investment of 4 1/2 percent. Rama Bassalali of RMB Properties acted as sole broker. The buyers, a New Rochelle family with an extensive portfolio, plan to hold and not convert the properties.
Link: NY Post: Oct. 24, 2004 Commercial RE Section
February 18, 2004
A mixed-use retail and office building at 55 West 17th Street recently changed hands. The building, home to the Charles P. Rogers Brass Bed Co. retail store and offices for the retailer Old Navy, was purchased for $12 Million by private investor 55 West 17th Associates, LLC from Hype Park Trading Ltd. The six story building started its life as a factory and has since been converted to office and retail use. Rama Bassalali of RMB Properties served as broker for the seller in the transaction.
August 08, 2003
A ten-unit residential building at 31 Bethune Street between Greenwich and Washington Street in the West Village was sold for $1.87 million which is 11 times the gross rent roll or $224 a foot for the 8,360 sf on five floors. The property was owned by the same 2 brothers since the 1960s. The new owner, a local investor, will turn the ground floor and basement into a single duplex unit and occupy it as his own residence. Rama Bassalali was the exclusive broker and represented both parties to the transaction.