New York, NY (PressExposure) January 03, 2012 -- ERG Property Advisors recently announced the sale of the landmarked Jarmulowsky Bank Building for $36 million. The 12-story building, which is located at 54 - 58 Canal Street in Manhattan, was delivered vacant and will be redeveloped by the new owner. Its prominent location on the southwest corner of Orchard Street and Canal Street gives it the potential to be the catalyst that will complete the transition of this Lower East Side neighborhood into a compelling destination for New Yorkers and tourists.
ERG CEO, James Kinsey, who represented the buyer, and ERG Partner Matthew Sparks, who represented the seller, both had well-established relationships with their clients. Their awareness and understanding of their respective clients' interests enabled them to bring the parties together quickly, facilitate an efficient negotiation on terms, and complete a two-month time-of-the-essence closing. "At ERG we focus on building long-term relationships with our clients," said James Kinsey. "The sale of the Jarmulowsky Bank Building is a perfect example of how this approach benefits both buyers and sellers."
At approximately 60,500 square feet, and with a distinctive Beaux-Arts façade, the Jarmulowsky Bank Building is ideally suited to become an anchor for the neighborhood. "Finding the right buyer for a property as unique as the Jarmulowsky Bank Building requires a focused and strategic marketing effort," said Matthew Sparks. "At ERG we have the expertise and relationships to launch highly targeted campaigns that efficiently reach a limited group of the most well-qualified potential buyers."