Wall Street Area – Sale & Net Lease of Luxury Apartment Building
About This Project
Ralph Trionfo: Broker
I represented the seller in the successful disposition of a luxury corner building featuring 28 furnished apartments and two retail stores. The property was recently renovated and is well located in the heart of the financial district and The South Street Seaport area of lower Manhattan. The property was owner operated catering to the strong demand for furnished apartments and corporate housing use. Many tenants were in town for extended stays for work assignments or training found it more economical to rent on a monthly basis rather than a nightly rate at a hotel.
After the sale, I represented the new ownership in net-leasing all the units to Pace University for student housing. Securing a long-term lease and a stable cash-low from a credit tenant.