NEW YORK, NY – August 15, 2017 – Ariel Property Advisors has facilitated the sale of 11 East 51st Street, a historically landmarked commercial building in the Midtown East section of Manhattan. The six-story, turn-of-the-century property sold for $30 million.
The elevatored building, built in 1904-06 and spanning 13,349 square feet, with an additional 19,783 square feet of air rights, is located in the heart of Manhattan between Madison and Fifth Avenues, one of the most prestigious zip codes in the country. The property was originally the residence of John Peirce, a then-prominent stone contractor, dubbed the “Granite King,” whose firm was involved in the construction of NYC’s first subway system and many of the city’s most iconic structures.
Exclusive agents Victor Sozio, Shimon Shkury, Howard Raber, Esq., and Jesse Greshin represented the seller. Carrie Chiang of The Corcoran Group represented the buyer.
“The property’s appeal to users, and its potential within the context of the Midtown East re-zoning, resulted in a competitive bidding environment, “said Victor Sozio, Executive Vice President at Ariel Property Advisors. “The profile of buyers who considered purchasing the asset really ran the gamut.”
A significant attribute of this property is the alluring capital opportunity from the recently approved Midtown East Rezoning. The rezoning allows the new owner of this landmark-status building to sell nearly 20,000 square feet of unused air rights within the boundaries of East 39th Street to the south, East 57th Street to the north, Second and Third Avenue to the east, and Fifth Avenue to the west.
Now known as the John Peirce Residence, the property was designed by renowned architect John H. Duncan, whose artistry includes the Soldiers and Sailors Memorial Arch in Grand Army Plaza in Brooklyn and the General Ulysses S. Grant National Memorial (aka Grant’s Tomb).
The Italian Renaissance-style residence, which is in turn-key condition, features an abundantly ornate exterior, including a projecting balcony on the second floor. The intricately designed interior is flush with historical details, with the full rustication of the lower three floors one of its most striking features.
Moreover, the property is subject to C5-2.5 zoning, which presents a unique opportunity for the new owner to re-position it for a range of uses, including office or corporate headquarters, a retail establishment, boutique hotel, or a high-end dining and entertainment establishment.
Located at the core of Manhattan’s bustling commercial and retail district, the building is just steps away from some of the world’s most famous destinations, including St. Patrick’s Cathedral, Rockefeller Center, and the home of the ‘Rockettes’ at Radio City Music Hall. The neighborhood is truly a unique blend of old and modern New York, with the Waldorf Astoria and Lotte New York Palace sitting alongside flagship stores of Saks Fifth Avenue, Versace, Cartier and Armani.
The building also boasts favorable commuting options since the 6, E and M subway lines are conveniently located just blocks away, providing easy access throughout Manhattan and outer-borough locations.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via firstname.lastname@example.org
Click on the titles below to browse through recent Ariel Property Advisors' press releases:
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.