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117-127 East 59th Street
New York, NY
117 East 59th Street was an opportunistic purchase and redevelopment of a vacant 40,000 square foot retail and office building between Park and Lexington Avenues in Manhattan. The complicating factors were that the purchase was of shares in a cooperative building that included the execution of a long-term lease for the basement space and a license agreement for the use of an elevator making the financing particularly complicated. We and our partners, ING Realty Advisors, achieved a gross internal return in excess of 70% upon the sale of the asset.