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Avison Young arranges sale of office building at 14 East 52nd Street
October 19, 2023
Inmoprisa USA, INC.-owned property sold for $19.5 million
New York, NY –Avison Young has arranged the sale of a 17,000-square-foot office building at 14 East 52nd Street on behalf of Inmoprisa USA, INC. for $19.5 million. The building’s former occupant, Pronovias, a high-end wedding dress company, vacated the property in 2020. The property sold to developer Ramirez & Co., who seeks to reposition the building for their use.
Inmoprisa USA, INC. was represented by James Nelson, Principal and Head of Tri-State Investment Sales; Eric Karmitz, Director; Brent Glodowski, Director; and Alexandra Marolda, Associate Director, all located in Avison Young’s New York City office. Jeff Berman of Berkshire Hathaway represented Ramirez & Co.
“This property is tailor-made to fit an owner/occupier and were extremely encouraged to see a substantial number of interested investors/developers and ultimately transacting at a premium sale price,” said Karmitz. “Additionally, Manhattan retail and office has seen a significant transformation, with owner/occupiers actively buying real estate for their personal business – with this transaction being a perfect example of that.”
The property is 30 feet wide and contains seven floors. The previous occupant utilized the full building as their showroom and office headquarters and underwent a substantial gut renovation in 2006-2007. Future development can take advantage of an additional 19,000-sf of unused air rights.
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