A venture of ABS Partners and Benenson Investment Co. closed on three different properties, including the Hammacher Schlemmer Building at 145 East 57th St.
The unique catalog company once owned the building and has been an occupant since 1926.
It now occupies the 7,500-square-foot retail space on the ground, mezzanine and basement through 2023.
The venture paid $62.75 million to Grupo Victor Malzoni, which bought it in 2010 for $34 million.
After spending $10 million on a capital improvement program but facing 25,000 square feet of leasing and more work, they decided to cash out.
The Italian investors hired the JLL team of Glenn Tolchin, Yoav Oelsner, and Anthony Ledesma to market the property that sits along Billionaire’s Row.
“The market for an asset like this was at a premium given the lack of inventory as well as the low interest rate environment,” said Tolchin.
While global investors kicked the bricks, they were unwilling to take on the leasing risk that is a no-brainer for locals like ABS and Benenson.
Gregg Schenker and Randy Modell of ABS Partners represented the buying venture while colleagues Robert Finkelstein and Alex Kaskel will handle the leasing.
Schenker says the asking rent will be in the $60s per square foot, but will be higher for the vacant penthouse. “We set aside substantial funds for work and improvements,” Schenker added.
ABS and Benenson also bought the fee at the AMC movie theater at 66 Third Ave. that has a ground lease through July 2037 and also paid $17 million for a medical building at 407 E. 70 St. which was sold by the doctors through Cushman & Wakefield and then leased back.
