An investment group led by Walter & Samuels Chairman David I. Berley is right now closing on the $18.3 million purchase of a seven-story office building with 16, 000 square feet of air rights, at 5 East 47th Street, Commercial Observer has learned.
“It’s under-built. We’re happy to buy it because the extra value never goes away, ” Mr. Berley told CO, noting that five stories could be added.
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Read the full story at Commercial Observer, by Lauren Elkies Schram
