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

Massey Knakal Retained To Sell Three Contiguous Townhouses On The Upper West Side

05/07/2013

Massey Knakal Realty Services has been retained on an exclusive basis to sell three contiguous townhouses at 315, 317, and 319 West 88th Street. The properties are located between West End Avenue and Riverside Drive in the Riverside-West End Historic District of Manhattan’s Upper West Side.The asking price is $15,500,000.

The Renaissance Revival townhouses were designed and constructed by Theodore E. Thomson in 1896 and combine for approximately 21,508 square feet on a 60’ x 100.67’ lot.  Of the 31 total apartments, 17 are Free Market, two are owner-occupied, 11 are Rent Stabilized, and one is Rent Controlled.  The units consist of six studios and 25 large one-bedrooms with varying layouts.  The common areas and apartments contain significant original detail including rich woodwork, ceiling moldings, stained glass, wainscoting, inlaid wood floors, fireplaces, and detailed original staircases.  Recent improvements to the building include restored woodwork, upgraded electric service, and roofs that were resurfaced between 1997 and 2003.  The buildings are individually metered for electric, partially sub-metered for gas, and heated by a #2 oil-fired boiler, approximately ten years old, located in the basement of 317 West 88th Street.  Additionally, the properties have approximately 14,850 square feet of air rights. The houses have been meticulously maintained for multiple generations and are being offered for sale for the first time in nearly 60 years.

“With 60 feet of frontage, an incredible amount of original detail, a location on one of the neighborhood’s most sought after residential blocks, and over two-thirds of the units already decontrolled, this is a rare investment opportunity for value-add luxury rentals or single-family conversion,” said Senior Vice President of Sales Paul Smadbeck , who is handling the assignment along with First Vice President of Sales Hall Oster. Both 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 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

05/07/2013 - 08:21

Source

Cushman & Wakefield Capital Markets Group New York

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