Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Chelsea Townhouse/Development Site Sold By Massey Knakal

05/16/2012

The former rooming house at 124 West 16th Street, located on the south side of West 16th Street between Sixth and Seventh Avenues in Manhattan’s Chelsea neighborhood, was sold in an all cash transaction valued at $4,000,000.

The four-story, walk-up property is approximately 4,000 square feet and sits on a 25’ x 103.25’ lot. The property, which was delivered vacant, was configured as a 12 room SRO and had a certificate of non-harassment in place. The sale included 7,250 buildable square feet of air rights, equating to a sale price of approximately $355 per buildable square foot.

“Prior to hiring us our client had a proposal to sell both 124 West 16th Street and the adjacent church building for $4,000,000 for the purpose of redevelopment. We knew that the proceeds from the one smaller property alone would meet the church’s needs, allowing the congregation to maintain full ownership of their sanctuary space while also having the funds to renovate it,” said Massey Knakal Senior Vice President of Sales Paul Smadbeck who exclusively handled this transaction with Director of Sales Brock Emmetsberger.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

05/16/2012 - 15:34

Source

Cushman & Wakefield Capital Markets Group New York

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