Market Overview

Assa Properties Sells Mixed-Use Midtown Building at 19 West 55th Street Following Major Revitalization Program


-- The firm retains its adjacent property at 15 West 55th
Street --

Assa Properties announced today that the firm has completed the sale of
19 West 55th Street (19W55), a mixed-use retail and
residential building in the heart of Midtown, for $50 million to Abraham
Leifer of Aview Equities.

The property was formerly part of a two-building portfolio including the
adjacent 15 West 55th Street (15W55), which Assa Properties
will retain. Assa acquired the portfolio for $60 million in 2013 and has
since implemented a major revitalization program.

That revitalization – in tandem with the building's unique blend of
location and top-end attributes – was reflected in the eye-catchingly
strong $1,500-per-square-foot price the property sold for.

"Since we purchased this portfolio, Assa Properties has made the
investment to bring the properties to their current first-class state,
matching the premium location in the center of Fifth Avenue's luxury
retail corridor," said Solly Assa, founder of Assa Properties. "We're
thrilled to offer this prime opportunity with 19 West 55th

Assa Properties completed an $18 million renovation of the portfolio
which included the repositioning of the retail space into multi-level
retail suites, including a 14,900-square-foot lease to Domenico Vacca at
15 West 55th Street; a complete renovation of the residential units with
high-end luxury finishes and amenities; and upgrade of the common spaces
and building systems.

In 2013, the portfolio was only 25% occupied and, upon Assa Properties'
ownership and capital improvements, it is now at near-full occupancy.

Each unit in the properties boasts large floorplans, 10-foot ceiling
heights, marble fireplaces, hardwood floors, new stainless steel
appliances and caesarstone quartz countertops with elegantly blended
pre-war details with modern finishes and amenities.

The nine-story property at 19W55 features 7,600 square feet of premium,
multi-level retail space – just 200 feet from Fifth Avenue – and 23
luxury units.

15W55 – which Assa Properties retained – is a 10-story, 31-unit
mixed-use property featuring Domenico Vacca – a luxury men's and women's
lifestyle brand – as its anchor retail tenant. The building is
substantially leased and offers studio through four-bedroom luxury units.

Located on the north side of West 55th Street between Fifth
and Sixth Avenues, the properties are in the center of one of
Manhattan's most vibrant and dynamic submarkets, with renowned cultural,
entertainment, shopping and dining destinations. The buildings are
walking distance to Central Park and situated among The Museum of Modern
Art, Carnegie Hall, Saks Fifth Avenue, Radio City Music Hall, and
Rockefeller Center. The area is conveniently in close proximity to
several transit options including the B, D, F, M, E, N, Q, R, 1, 2, 3,
4, 5, and 6 subway lines and multiple bus stops.

Additionally, the portfolio sits among some of the newest,
ultra-high-end luxury developments, further establishing the
neighborhood as one of the most desirable in the City.

Assa Properties was represented by Black Bear Asset Management ("BBAM")
in this transaction.

About Assa Properties

Founded by Solly and Isaac Assa, Assa
has been developing and investing in major residential,
retail and commercial properties since 2000. The firm has acquired over
three million square-feet of premier assets located throughout the
United States and Mexico. Starting in 2002, Assa Properties began
acquiring buildings within the New York City Area, namely 743 Fifth
Avenue, 2 Herald Square and 6 Times Square -- originally the
Knickerbocker Hotel built by John Jacob Astor -- with an eye towards
building luxury retail and hotel experiences in some of the New York
City's most distinctive neighborhoods. They have since evolved their
original vision with two developments: Cassa Hotel and Residences in
Midtown Manhattan and Cassa Times Square Hotel and Residences, just
south of Midtown West. Each project represents full-service luxury
hotels and condominiums offering premium hotel services to their
full-time residents.

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