Commercial RE Update

NY Gallery Building Trades for $69 Million [CoStar Group] 8/16/2006
Sitt Asset Management sold the nine-story office building at 24 W. 57th St. for $69 million, or approximately $627 per square foot. The new owner, APF Properties, is a real estate investment firm that has properties in New York and Germany. Built in 1920, 24 W. 57th St. is an 110,000-square-foot office building with ground floor retail space. Located in Manhattan's Plaza District between Fifth and Sixth avenues, this property comes with 30,000 square feet of air rights. The building's tenant roster includes Timberland Co., Bellini Shoes and Reece Galleries. Ralph Sitt, principal of Sitt Asset Management, represented Sitt Asset Management. Berndt Perl, principal of APF Properties, represented APF Properties.