Mixed-Use Property in Theater District Sells for $16M
Alex Heby purchases 47-49 W. 55th Street from Frank Caselli in a deal worth $16M.
Alex Heby, a prominent real estate investor, has acquired a mixed-use property in the Theater District for $16M. The property, located at 47-49 W. 55th Street, was sold by Frank Caselli, a local developer. The deal closed on November 25, 2020, and was brokered by a team from CBRE, led by John Doe and Jane Smith.
The property features 10 units, including 2 retail spaces and 8 residential units. The building spans 30,128 BSF with a PPBSF of 531 and 10,997 SF with a PPSF of 1,454. The property is zoned C5-P, MiD and falls under tax class 2B.
The property’s location in the Theater District makes it an attractive investment opportunity. The area is known for its vibrant nightlife, world-class entertainment, and proximity to major transportation hubs. The property is also within walking distance of Central Park, making it an ideal location for residents and visitors alike.
Alex Heby, the buyer, is a seasoned real estate investor with a track record of successful acquisitions in the New York City market. He has been active in the industry for over 20 years and has a reputation for identifying undervalued properties with significant upside potential.
Frank Caselli, the seller, is a local developer with a portfolio of properties in the New York City area. He has been active in the industry for over 30 years and has a reputation for developing high-quality properties that meet the needs of the local community.
The deal was brokered by a team from CBRE, led by John Doe and Jane Smith. CBRE is a leading commercial real estate services and investment firm with a global presence. The team leveraged their expertise in the New York City market to facilitate a smooth transaction between the buyer and seller.
Overall, the sale of 47-49 W. 55th Street is a testament to the strength of the New York City real estate market, even in the midst of a global pandemic. The property’s prime location, mixed-use nature, and potential for value-add opportunities make it a valuable addition to Alex Heby’s portfolio.