NEW YORK, March 14, 2011 /PRNewswire/ -- Tranzon Integrated Property Group (Tranzon IPG), a full service real estate auction company announces the successful sale of the six story elevator office building located at 1716 Coney Island Avenue between M and N streets in the prosperous area of Brooklyn known as Midwood. The building is partially leased and has approximately 23,000 SF of rentable area in the aggregate with the ground floor being ideally suited for retail.
Tranzon conducted an accelerated marketing campaign in early January and managed to surface a groundswell of potential buyers during an intense, but short, marketing period. "The reaction in the marketplace to the offering was overwhelming and the efficiency of our unique process is reflected in the over $200 per square foot price that was achieved," said Oren Klein, Partner at Tranzon IPG. Joshua Olshin, President of Tranzon IPG, adds, "The property has a unique appeal to an investor who understands the asset class and the new owners realized that there was a tremendous amount of upside to this property."
Arsen Atbashyan, Owner of Commercial Acquisitions Inc. in Brooklyn who represented the buyer, Rizaro Tower LLC, is now aggressively marketing the vacant spaces for lease. "We realized that there just isn't a lot of elevator office product in this area and a properly positioned building will attract credit tenants to the building," said Robert Izsak, Managing Partner, Rizaro Tower LLC. Arsen notes. "The retail space on the ground floor offers tremendous potential to occupy a large space right in the heart of Coney Island Avenue." The sale resulted in a "win-win" situation, with the seller achieving an excellent price and the buyer acquiring a strategic asset that will have a great value to him over the long term.
For sale information contact Tranzon Integrated Property Group, LLC at (888) 243-3431. For leasing information contact Arsen Atbashyan at (718) 517-8700.
Tranzon Integrated Property Group, based in the New York metropolitan area is a full- service auction and real estate disposition company and a member company of Tranzon, L.L.C. With more than 30 offices from coast to coast, Tranzon's independently owned and operated regional member companies have conducted more than 11,000 auctions in 47 States and the District of Columbia, selling more than $1.6 Billion in asset value since the Company's formation. For a complete list of auctions and sales or to learn more about Tranzon visit www.tranzon.com.
SOURCE Tranzon Integrated Property Group