Daiko Nagato Acquires Mixed-Use Property In Midtown Manhattan For $12.25M

The mixed-use property located at 43-45 W. 55th St in Midtown has been sold in a closed transaction. The property consists of 14 units with a total square footage of 14,684. The sale price for this property was $12,250,000, resulting in a price per unit of $875,000 and a price per square foot of $834. The cap rate for the property is 2.3%.

Summary of transation details

• Property Type: Mixed-use
• Sale Price: $12,250,000
• Number of Units: 14
• Price Per Unit: $875,000
• Total Square Footage: 14,684
• Price Per Square Foot: $834
• Cap Rate: 2.3%

The buyer in this transaction is Daiko Nagato. Representing the buyer is Masa Ikeda and Connie Yu from Blue Pacific Capital. On the seller's side, the representatives are Chris Varjan, Vickram Jambu, George Steffani, and Jonathan Braun from Lee & Associates.

It's worth noting that the property was sold in an all-cash transaction with a TOE closing. Additionally, the second-floor commercial space was vacant at the time of the sale, and the buyer intends to occupy it as an end user. Lee & Associates has observed an increased activity from end users in the market in 2021, and they are actively working with their tenant rep brokers to facilitate more of these transactions. End users, often first-time investors, require meticulous vetting and extra attention throughout the closing process.