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

Massey Knakal Completes Blockfront Assemblage In Midtown West

12/04/2012

A development site at 1227 Broadway, located on the southwest corner of Broadway and 30th Street, in the Midtown West neighborhood of Manhattan, was sold in an all-cash transaction valued at $16,000,000.

The site is an unusual triangularly shaped parcel which has just 15 feet of frontage on Broadway and 165 feet of frontage on 30th Street. The total lot area is approximately 5,142 square feet. It lies in an M1-6 zoning district, which has an FAR of 10.0.  This zoning designation would allow for approximately 51,420 buildable square feet. The site currently contains two buildings, one four-story and one three-story, adjoined and accessible from one another, and a parking lot. 

The buyer of the site also recently purchased the buildings at 1205 and 1225 Broadway and this acquisition completes the entire blockfront. The future use of the site is likely to be for construction of a new hotel or two.  The sale price equates to approximately $311 per buildable square foot.

“This transaction completes the assemblage of an entire blockfront in one of Manhattan’s most transitional neighborhoods,” said Massey Knakal Chairman Bob Knakal, who exclusively represented the sellers of all three parcels along with Partner John Ciraulo. The buyer was represented by Venture Capital Properties.

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

12/04/2012 - 11:43

Source

Cushman & Wakefield Capital Markets Group New York

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