Verizon maintained a long time presence under a long term lease on 125th Street, the “Main Street” of Harlem, N.Y. The lease included a favorable purchase option that Verizon acting on resulting in a ownership position for the Company in the property. Reduced retail and office space needs in Harlem led to a decision to dispose of the underutilized, but valuable asset.
Our team, one of Verizon’s national real estate service providers, was quickly engaged as exclusive broker for the sale of the four-story office building in the borough of Manhattan.
Within an accelerated three (3) month marketing timeframe, our team was able to secure multiple bids for the property from both local and national investors.
Using a deliberate, leveraged negotiation process, our team finalized a transaction with a national retail owner at a price in excess of $300 per square foot, where in a economically challenged environment local market comps averaged $225 per square foot.
$6.35 Million Transaction Value
Transaction Management, Disposition Services