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Karten family looks to sell 320-unit 990 Sixth Ave for $400M

Property Markets / Transactions

United States of America

May 09 2017

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Rich Bockmann

A 320-unit rental building in Midtown that hasn’t seen any major renovations since it was constructed in the mid 1980s is on the market asking $400 million.

The Karten family is looking to sell the 25-story, 400,000-square-foot building known as the Vogue at 990 Sixth Avenue, Crain’s reported.

Family patriarch Isidore Karten, who finished the property in 1987, died in 1999 and left his real estate portfolio to his children Harry Karten, Marcia Toledano and Bernice Bookhammer.

The family hired Cushman & Wakefield brokers Doug Harmon and Adam Spies to shop the property, which offers an investor the opportunity to make capital improvements and raise rents, or convert units into condos.

The building also has about 65,000 square feet of office space, 12,000 square feet of retail and a 120-space parking garage.

SOURCE: The Real Deal


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