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

Massey Knakal Retained Exclusively To Sell Package of 144 Residential Units In "Corinthian"

04/07/2014

Massey Knakal Realty Services has been retained on an exclusive basis to sell a portfolio of residential units within the Corinthian building at 645 First Avenue in Manhattan’s Murray Hill neighborhood. The Corinthian is a full blockfront site on the west side of the First Avenue between East 37th Street and East 38th Street.

The portfolio consists of 144 residential units within a 57-story building, with an aggregate unit size of approximately 150,747 square feet. The units are spread throughout the building and consist of nine studios, 91 one-bedrooms, 30 two-bedrooms, and 14 three-bedrooms. Of these 144 units, 110 have been renovated over the last few years. Acquisition of these units would allow investors to realize significant in-place cash flow as the gross annual revenue is approximately $8.4 million.  

The Corinthian is one of the most spectacular residential development projects the city had ever seen, and features breathtaking 280 degree city and East River views from most of the units. It was crowned New York City’s largest apartment building at its completion in 1987 and contains over 850 condominiums.

The Corinthian’s iconic curvilinear architecture was designed by renowned architect Der Scutt in the late 1980s, and is still considered an iconic part of the city skyline today. Located within the Murray Hill neighborhood, it benefits from convenient access to major employment centers in Midtown and its connectivity to the rest of New York City will improve upon the completion of the Second Avenue Subway. Overall, the offering represents a tremendous investment opportunity featuring robust in-place revenue with potential to realize significant upside within one of Manhattan’s most dynamic neighborhoods.

“This is not your grandfather’s unsold condo package. The cash flow makes this a potential long term hold or, alternatively, units can be sold at the pace a buyer prefers as all units are rented on a fair market basis,” stated Massey Knakal Chairman Bob Knakal who is marketing the site with Vice Chairman John Ciraulo. For more information, they can be reached at 212.696.2500.

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.


www.masseyknakal.com

04/07/2014 - 10:59

Source

Cushman & Wakefield Capital Markets Group New York

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