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Case Study - 1114 Second Avenue

1114 Second Avenue New York, New York   PROJECT

One mixed use building consisting of rent controlled apartments and two retail shops near Manhattan's East Fifty-Ninth Street. This building was located on the eastern side of Second Avenue near the Queensborough Bridge.

CHALLENGES

This rent-controlled building was in a block that had yet to experience significant re-development in the early 1960s. Rumors abounded that the local transit authority would be building a new subway line which could lead to eminent domain proceedings against local property owners. Properties of this sort were often traded without the participation of real estate brokers.

SOLUTION

• Peter Kalis maintained contacts with the building’s owner and was prepared when he learned that the building was available for sale.
• Peter Kalis formed an investment group known as BK&B Realty Corp. This group was composed of three individuals who were tenants in this building.
• This building was held and managed by the owners for five years until redevelopment pressures brought them an attractive purchase offer.

BENEFITS TO CLIENT

The owners enjoyed a staggering return on their investment when this property was sold to a developer who built a high-rise luxury residential tower at the corner of Manhattan's East Fifty-Ninth Street and Second Avenue