$595 a Foot On Park Avenue South

The mixed-use residential and retail property, 220 Park Avenue South, near Gramercy Park and Union Square has sold for $20

The mixed-use residential and retail property, 220 Park Avenue South, near Gramercy Park and Union Square has sold for $20 million, brokers said. With a taking price of $595 per square foot, the turn-of-the-century, 33,638-square-foot building and its 37 rental units could be ripe for a condo conversion, said Peter Von Der Ahe of Marcus & Millichap Real Estate Investment Services, which negotiated the sale.

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“This building presents the new ownership with many future redevelopment opportunities, including conversion to condos,” said Mr. Von Der Ahe of the building, which also houses the restaurant Haru in a 2,650-square-foot retail space. “In this particular submarket, property owners have commanded north of $1,300-plus per square foot for newly constructed condominiums.”

jsederstrom@observer.com

 

$595 a Foot On Park Avenue South