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An art storage facility at 305 East 61st St in the Upper East Side has been sold for $40M in cash.
Delivered fully vacant, the 11-story, 66k SF building has 358 storage lockers and was previously used as a luxury storage facility for fine art and high-value goods.
It has intense security infrastructure, including reinforced steel doors and independent temperature control on select floors. The building also received improvements to its plumbing and mechanical buildings.
The owner, EMS Capital, purchased the property in 2012 for $28M and took out a $22M mortgage last year from a firm in the Cayman Islands. Earlier this month, EMS submitted applications to convert the building into a residential space, with eight apartments spread across 51k SF and commercial space across the 15k SF first and second floors. It's unknown if the sale will change these plans.
Cushman & Wakefield New York investment sales chairman Bob Knakal worked with Clint Olsen and Jonathan Hagemen to handle the transaction. The buyer wasn't disclosed.
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