NEW YORK – December 12, 2013 – Auction.com, LLC, the nation’s leading online real estate marketplace, announces the closing of the sale of 246 Fifth Ave. The buyer was HH Realty Equities, a local owner headed by Solmi Accad and Ariel Akkad, and the seller was a financial institution that had recently foreclosed on the property. The property was listed by Newmark Grubb Knight Frank as the exclusive broker.
The six-story commercial building is located in the Midtown South submarket at the corner of 28th Street and Fifth Avenue. Built in 1920, this 32,049-square-foot historic building presents several potential redevelopment opportunities for the buyer. The property has substantial unused air rights, and its zoning allows for conversion to hotel or residential use. The vacant ground floor retail space, with 28 feet of frontage on Fifth Avenue and 125 feet on 28th Street, provides significant upside potential given the recent improvement in market fundamentals for retail space in this submarket.
Auction.com held the live online auction on July 24, 2013 and the sale closed on December 4, 2013. A total of 281 investors signed confidentiality agreements to review the offering materials. The auction had 12 registered bidders who each placed a $50,000 fully refundable deposit for the right to bid.
“Auction.com’s web based platform is transparent, efficient and global which creates several advantages for both buyers and sellers,” said Pierre Bonan, who ran the event for Auction.com. “Our company has sold over $26 billion in properties across the nation since 2007. This transaction demonstrates that our process, which consistently works successfully in other markets, also works particularly well in the largest most dynamic real estate market in the country.”
To learn more about buying and selling properties on Auction.com, please contact Pierre Bonan, vice president, at email@example.com or 212.813.1612.