Emmut Properties Acquires Gramercy-Area Commercial Bldg. – Costar

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Developer to Construct 40,000 SF of Residential Condos Overtop Existing Space.

Emmut Properties purchased the office/retail building at 111 E. 22nd St. in Manhattan’s Gramercy Park area from Imperial Sterling Ltd. for $9 million.

The four-story, 23,900-square-foot property was sold mostly vacant, with only the ground floor, mezzanine and partial basement home to BLT Prime, a restaurant. Included in the deal was 40,000 square feet of air rights, which the buyer will use to add an additional 40,000 square feet of residential rental units overtop the commercial space.

David Winoker of Winoker Realty Co. Inc. represented the seller, while George Niblock of Friedman-Roth Realty Corp., along with Joel Radmin and Rich Guarino of Extreme Realty LLC, represented the buyer.

Source : costar.com