Glenn Raff of Besen & Associates Sells Time Square Building

October 25, 2009 – Glenn Raff of Besen & Associates has just sold the building located at 726 Eighth Avenue, located between West 45th and 46th Streets in the Times Square neighborhood of Manhattan. Mr. Raff represented the seller as exclusive agent and also procured the purchaser. The property is a four-story, 4,106 square foot mixed-use building with two apartments and one store, built in 1910. It sold for $4,300,000 and delivered vacant to the purchaser.

The property occupies a lot that is 18.75 feet wide by 66 feet deep, built to 50 feet. It is zoned C6-4/MID with an F.A.R. of 10, yielding an additional 8,724 square feet of unused air rights. The retail portion occupies the first & second floors, which was previously occupied by Smiler’s Deli. The deli has other New York City locations and no longer needed this space.

The selling price of $4,300,000 equates to $1,047 price per square foot.