NEW YORK, NY – HFF announced today that it has closed the $31 million sale of 321 East 22nd Street, a 117-unit, six-story multi-housing property in Manhattan’s Gramercy Park neighborhood.
HFF marketed the property on behalf of the seller, GID Investment Advisors, LLC. BRG (Benedict Realty Group) purchased 321 East 22nd Street for $31 million.
321 East 22nd Street is located between First and Second Avenues near Midtown Manhattan in Gramercy Park. The 96 percent leased property has an average unit size of 441 square feet and includes 6,000 square feet of commercial space.
The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz, and directors Jeffrey Julien and Kevin O’Hearn.
GID is a privately held, globally diversified, and fully integrated real estate organization founded in 1960 that employs over 650 real estate professionals in multiple offices throughout the United States. During its 51 year history the company has acquired or developed over 54,000 residential units and in excess of 13 million square feet of commercial space. As of December 31, 2011, GID controls a real estate portfolio consisting of 107 properties located in 19 states, and totaling more than 35 million square feet comprised of over 22,000 residential units and more than 5.7 million square feet of commercial space. In addition, GID has more than 12 million square feet of fully entitled properties in its development pipeline.
The Benedict Realty Group (BRG) is a real estate investment and property management firm specializing in the burgeoning middle-income residential market in New York City and neighboring boroughs. With a growing portfolio of properties in Manhattan, Queens, Brooklyn and the Bronx, BRG employs its expertise to generate attractive returns for its investors and to improve the quality of life for its residents.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 20 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing.