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Massey Knakal Retained Exclusively To Sell Luxury Retail/Conversion Opportunity In The Flatiron District


Massey Knakal Realty Services has been retained on an exclusive basis to sell a boutique residential building at 3 West 16th Street. The property is located between Fifth and Sixth Avenues in the Flatiron District of Manhattan. The asking price is $33,000,000.

The boutique six-story building contains approximately 15,365 square feet and sits on a 33.33’ x 92’ lot. It is in finished condition and has been transformed from an office building into five full-floor ultra-luxury residential units and a ground floor retail space. The units feature ceilings over ten feet high and top-of-the-line finishes, fixtures, and kitchen appliances. Tenants of the residential units will benefit from private elevator entry to all homes, video doorman service as well as bicycle storage. The property was originally planned to be sold as condominiums and the final product reflects the same standards.

The subject property presents a unique opportunity to either sell individual units as condominiums in a neighborhood where new developments are commanding prices north of $2,500 per square foot or to keep the building as rentals in a sub-market lacking large apartments. It is also suitable for a user looking for housing or a live plus investment property.

This property is being marketed exclusively Massey Knakal’s John F. Ciraulo and Thomas D. Gammino Jr.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

07/10/2014 - 10:16


Cushman & Wakefield Capital Markets Group New York

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