http://therealdeal.com/newyork/articles/singapore-pays-30m-for-east-side-garage-at-318-east-48th-street
The Real deal, 5 Oct 2009
Singapore pays $30M for
East Side garage
The Singapore government paid $29.5 million for a
40,000-square-foot garage building near the United Nations that
will be converted to office space, a broker on the deal said.
The Government of the Republic of Singapore closed on the purchase
of 318 East 48th Street, between First and Second avenues, Oct.1,
according to Gil Robinov, executive managing director at brokerage
NAI Group, who represented the southeast Asian nation.
The seller was Chapman Consulting Group, an owner and operator of
garages, and was represented by David Noonan at Newmark Knight
Frank, a statement from NAI Group said.
The five-story structure will be converted to an office building or
be demolished and rebuilt at about the same size, for the nation's
mission and consulate offices to the United Nations, Robinov
said.
Singapore paid $737 per
square foot, almost double the average price per square foot of
$392 for Manhattan office building sales closed in the first half
of the year, according to data in a July report
from investment brokerage Massey Knakal Realty Services.
The government was willing to pay a relatively high price to be
near the United Nations, which is a block away, Robinov said.
"They had to be near the UN; this was an excellent location and
there is not much available in the area," he said.
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