Merchants Bank Retains CBRE to Market Fee Interest in Midtown Residential Property
CBRE has been retained by Merchants Bank to market for sale the fee interest in 19 W. 55th St., a vacant, nine-story residential property with continuous retail frontage in Midtown Manhattan. CBRE’s Daniel Kaplan was appointed by the bank to spearhead the sale.
“Opportunities to acquire the fee interest of an asset in this premier Midtown location are limited,” said Kaplan. “19 W. 55th St. offers investors the ability to own a strategically located property in one of the most coveted corridors in New York City.”
Once known as The Branson, 19 W. 55th St. was built in 1920 and comprises 39,000 square feet. According to published reports, Merchants Bank foreclosed on the property, which its previous owner had sought to convert into luxury condominiums, this past July following delays due to the developer filing for Chapter 11 protection on two separate occasions.
