Real estate transactions in and around New York City have the potential to make major waves, thanks to a large sales price.
The Rubin Museum is hoping to make out on the sale of a residential development, with thoughts that a deal could be worth more than $60 million.
The museum put a seven-story building, located at 115 Seventh Ave., up for auction. With a brokerage firm handling all the details of the sale, it will be interesting to see how much activity is drummed up in the near future.
Residential real estate in the Big Apple is big business, and it appears that this property would work best for somebody who is willing to tear down the existing structure and replace it with a condo building.
One of the brokers handling the sale said, "We believe it's a premiere site and that it will trade at a premium. It's a corner site right at the point where some of the best neighborhoods in the city, the Flatiron District, Union Square, Chelsea and Greenwich Village all converge."
Along with using the site for residential purposes, it is possible that retail space could be added at the ground level, which would make it even more valuable to potential buyers.
The Rubin Museum has big hopes for the sale of this property. Once the auction process gets underway, the organization will have a better idea of how much money they will be able to bring in. This sale has potential to be one of the largest in the city this year.
Source: Crain's New York Business, "Rubin Museum to sell property for big bucks" Daniel Geiger, May. 29, 2014