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NY Real Estate Journal Vol 17, Issue 20/ May
24-30, 2005
Malone of Georgia Malone & Co. brokers the sale of
The Pennmark for $240 million
NEW YORK, NY Georgia Malone represented a consortium of investors, including Stonehenge Partners and CDP Capital, Real Estate Advisory, in the acquisition of The Pennmark, a 35-story luxury rental building at 315 West 33d St., for the price of $240 million. Malone, president of Georgia Malone & Co., was the sole broker in the transaction, representing the buyers. "The Pennmark's close proximity to the new West Side development and Jets Stadium makes this a great investment with high upside value," said Malone.
Set back from the sidewalk, the 582,000 s/f building was developed by JD Carlisle in 2001. It has 333 fully occupied luxury apartments with unobstructed views of the New Jersey Palisades and the Statue of Liberty, a 250-car garage, a 13-screen movie theatre, and 86,000 s/f of retail space tenanted by Fleet Bank, Quiznos, Chipotle Restaurant, Landmark Education, and Andrews' coffee shop.
The Pennmark sale is among $500 million in transactions performed by Malone over the past year, all of them "off market."
She also brokered the purchase of over 32 multifamily properties on the Upper East and Upper West Side of Manhattan foe AIMCO, a $14 billion NYSE-listed REIT, as well as various other properties including office buildings and hotels.
"When representing sellers in off-market transactions, we ascribe the highest value to that property and then some, that's the asking price…non-negotiable," said Malone. "The first person who comes to us with check for that amount gets the property."
"It does not even matter if another potential buyer comes in the next day with a lager check than the asking price," said Malone. "Once we have an agreement, we will not engage in bidding war or walk away from the deal for higher price."
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©
Copyright, Georgia Malone & Company. Inc.