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Avison Young sells multifamily residential building at 20 East 22nd Street for $10.25 million
April 19, 2023
Building sale represents healthy appetite for free-market residential properties in prime locations
NEW YORK, NY –Avison Young has arranged the sale of a multifamily property at 20 East 22nd Street in Manhattan for $10.25 million. The 10,512-square-foot (sf) property is a 100% free market elevator property with 23 total units. The buyer, Danny Hakakian, president of Allied Realty Group, purchased the property, which sits between Park Avenue and Broadway to complete their 1031-Exchange.
Danny Hakakian was represented by Noah Kossoff, Associate Director, and Brandon Polakoff, Principal, who are part of Avison Young’s Tri-State Investment Sales team based in the firm’s New York City office. The seller, a private buyer under 20 East 22nd Street LLC, was represented by in-house counsel.
“Multifamily properties in prime locations, like the one at 20 East 22nd Street, are highly sought after by buyers, especially if they are completely free-market,” said Kossoff. “It’s always a privilege to work with motivated clients like Allied Realty Group, who plan to hold onto their investment for generations.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.