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

Massey Knakal Retained Exclusively To Sell Retail Building In West Harlem

01/18/2013

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail building at 701 West 135th Street. The property is located on the entire western block front of 12th Avenue between West 135th and 138th Streets in West Harlem. The asking price is $9,750,000, which equates to an attractive 6.76% Cap Rate.

This three unit, two-story and three-story building contains approximately 18,200 square feet and sits on a 362.03’ x 36.37’ lot.  This unique investment opportunity is fully occupied by destination retail tenants including two nightclubs/bars and one restaurant.  Ownership also benefits from an ICP Tax Exemption, which is in year four of 25.

This property is located just one block north of Columbia University’s Manhattanville expansion.  Scheduled to be completed in 2030, the expansion will cover17-acres accounting for over 6.8 million square feet of space for teaching, parking, academic research, retail, and community facilities.  Consequently, the project is sure to improve the local economy, create thousands of new jobs, and reconnect West Harlem to the New Hudson River waterfront park. 

Public transportation is easily accessible via the 1 train stop at West 125th or West 137th Streets and the MTA bus lines that run along Broadway and 125th Street.  “This neighborhood is thriving right now. Fairway and Dinosaur Bar-B-Que, located directly to the south, are already packed.  Once Columbia’s expansion is complete, it will only further bolster the area,” said Massey Knakal Partner James P. Nelson who is exclusively marketing this listing withFirst Vice President of Sales Robert Shapiro and Josh Lipton.

For more information on this listing, contact the exclusive listing agents 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 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

01/18/2013 - 16:29

Source

Cushman & Wakefield Capital Markets Group New York

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