Ron Cohen of Besen Brokers sale of two loft buildings in 'Ladies Mile'.
Ron Cohen of Besen & Associates has just closed the sale of 44 and 46 West 22nd Street: two five-story loft buildings with ground floor retail. The properties were owned by two separate entities and sold for $3,330,000 and $2,200,000 respectively. Ron Cohen was the sole broker in the sale of 46 and co-brokered 44 with Amit Doshi of Besen.
44 West 22nd is 23 feet wide and 98 feet deep, built full on the ground and second floor, set back to 60 feet on floors three to five. It has a gross square footage of 8,600. The price per square foot amounted to $387. The building was delivered vacant and in need of gut rehabilitation. While it is not a landmark, its location in the landmarked Ladies' Mile Historic district calls for all plans to be approved by the Landmarks Preservation Committee. The property was constructed in 1915 and boasts an attractive cast iron and stone facade. The building was sold by the daughters of the original owner, who had owned the property since the early 1900's and had used it for their floor covering business.
46 West 22nd is also 23 feet wide and 97 feet deep on the ground, set back to 55 feet on the other floors. The ground floor is occupied by Arezzo restaurant and the upper floors are occupied by several commercial and IMD tenants. The property has a gross square footage of 7,517 and sold for $292 per square foot. This building was also long-term ownership, sold by a family who originally ran a luncheonette there in the 1940's.
The Ladies' Mile Historic District was recently rezoned, with many M1-6M designated loft buildings once used for industrial purposes converting to C6-4A. C6-4A has an F.A.R. of 10 and allows for both residential and commercial as-of-right. "It's a very exciting place to be," remarks Cohen, pointing to developments such as The Caroline on 23rd & 6th, Home Depot and even the recent acquisition of 650 6th Avenue by El-Ad. "You've got magnificent architecture, excellent restaurants and highly desirable retail. Residential conversion here will prove very lucrative."
