The Penson Companies Increase Their Stake in Manhattan With Purchase of Three Upper East Side Commercial Buildings

NEW YORK, NY--(Marketwire - July 15, 2009) - CS Commercial Group, Inc., a New York based property services firm, has arranged the largest Manhattan multi-unit transaction to-date this month with the sale of three East Side commercial buildings for $10,750,000 to the Penson Companies. CS Commercial Group represented the Penson Companies, which has a 25-year history dedicated to developing, building, owning and operating residential real estate in the New York metro area, for the purchase of the buildings at 1667 First Avenue, 1522 First Avenue and 402 East 80th Street from the Extell Development Company. The two First Avenue properties are zoned for retail and residential and the East 80th Street property is exclusively residential.

"Due to the exceptional quality and location of the properties and our client's strong cash position, we were able to negotiate a great deal for the Penson Companies," said Herb Hirsch, Executive Vice President, Investment Sales for CS Commercial Group who was the Buyer's Agent. Robert Knakal and Thomas Gamino from Massel Knakel represented the seller.

"Down cycles present ideal times to expand commercial real estate holdings," said Gregg Roberts, President, CS Commercial Group. "We are seeing a rise in cash buyers who are seizing attractive commercial real estate deals in Manhattan."

This multi-building purchase solidifies the Penson Companies commitment to the Manhattan marketplace. The lion-share of The Penson Companies' commercial holdings are in Queens, Brooklyn and the Bronx. "The current down market in the commercial real estate sector offered us the opportunity to purchase three outstanding Upper East Side properties at a terrific price," said Edward Penson, Principal, The Penson Companies, a group of real estate entities with divisions that handle all phases and sectors including Management, Development, Maintenance, Acquisition, Financing and Construction.

About CS Commercial Group, LLC

Founded in 1997, CS Commercial Group, LLC provides a full range of integrated property services for the New York City commercial real estate market. For more information, visit: www.cscommercial.com.

Contact Information: Contact: Nancy Tamosaitis Vorticom Public Relations 212.532.2208