10/16/2007

Newmark Knight Frank negotiates sale of Decorator's Bldg. in Manhattan

by

315 East 62nd St.

Olmstead Properties, Inc. paid $31.25 million, or about $450 per-square-foot, for the Decorator's Center Building at 315 E. 62nd St. in Manhattan's Plaza District.

Newmark Knight Frank's Randall Liberman, Barbara Craig, Ken Zakin and Neil Joffe represented the seller, the estate of Asher B. Lans on the deal.

Mr. Lans, a former corporate attorney, passed away in 2002.

Situated at 315 East 62nd Street between First and Second Avenues, the Decorator's Center building rises six stories and covers almost 70,000 square feet. It was originally constructed in 1911 for a cigar manufacturer.

The building was fully leased at closing.

Olmstead Properties specializes in the management, leasing and development of Class B office properties in New York City. It currently owns and manages 30 income producing properties totaling over 3 million square feet.

Craig, a director, has been with Newmark Knight Frank since 1997. She was previously a property manager in Philadelphia.

Liberman, an associate, joined Newmark in 2005 after working as assistant vice president of development at Davis and Partners.

Address: 315 E. 62nd St., New York City, N.Y.

Size: 70,000 square feet

Built: 1911

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Filed Under: Office

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