$17,125,000 Acquisition
The Gotham was acquired in August 1999 with the proceeds from the sale of another W&M property as a tax-deferred exchange pursuant to Section 1031 of the Internal Revenue Code. The investment was an opportunity to purchase a well-maintained and managed retail property with in-place credit worthy tenants in an established Upper East Side Manhattan neighborhood. The property required very little capital outlay and some re-lease potential existed with a single tenant roll-over. The property was considered as an excellent long-term conservative investment.
The Gotham comprises 56,250 square feet in four retail condominiums at the base of a 25 story, luxury residential condominium at the northwest corner of Third Avenue and 86th Street in the heart of a residential, commercial and entertainment district and in immediate proximity and access to all major mass transportation services.
Peter L. Malkin and Anthony E. Malkin are the sole members of the Manager.
