Brokerage Arranged Previous Sale of Prime Corner Building in 2013; Repeat Sale Continues RKF’s Investment Sales Momentum on Manhattan’s Upper East Side
NEW YORK – RKF, North America’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, announced today that it has arranged a $27 million sale of the six-story building at 1151 Third Avenue, on the northeast corner at East 67th Street. The sale comes four years after RKF handled the previous change of ownership, at which time the building brought $18 million. Since then, in the hands of Acadia Realty Trust, the building has attracted as tenants Vineyard Vines and exercise brands FlyWheel Sports, SLT and Fhitting Room, becoming a fitness hub on Manhattan’s Upper East Side. The sale closed on November 17.
RKF’s investment-sales team members Vice President Brian Segall and Associate George Martinecz represented Acadia in the transaction; they also represented Acadia when it acquired 1151 Third Avenue in 2013. The buyer is The Feil Organization, a leading owner, developer and manager of properties across the country. The Feil Organization is known for holding properties for the long term.
“We were honored to have been chosen by Acadia when it bought the building, and we are glad Acadia chose our investment sales team when the time came not only to recoup its investment but to make a sizeable profit,” said Segall. “RKF also had a hand in improving the quality of the unique brands leasing space there. The sale now to The Feil Organization shows the value of these improvements.”
1151 Third Avenue, aka 201 East 67th Street, was built in 1910 and is a fully stabilized, 14,820-SF retail building in one of New York City’s most desirable locations. It features 25 feet of frontage along the east side of Third Avenue and 100 feet of frontage on the north side of East 67th Street, creating a mural branding opportunity in the heart of the Upper East Side’s highly trafficked and well-tenanted retail strip.
The leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services, RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions. With approximately $30 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Chicago, Las Vegas, Los Angeles, Miami, Northern New Jersey, San Francisco and Toronto. RKF operates in Canada as RKF Group Canada Realty, a retail brokerage.
RKF’s New York City office is located at 521 Fifth Avenue, Floor 7, New York, NY 10175.
T: 212.599.3700. www.rkf.com