Massey Knakal Sales And Leasing Teams Help Raise The Dough In Fashion District / Times Square
A net-leased commercial building at 567 Seventh Avenue, located between West 40th and West 41st Streetsin the Fashion District / Times Square section of Manhattan, was sold in an all-cash transaction valued at $7,250,000.
The four-story building contains approximately 4,149 square feet and sits on a 19.75’ x 60’ lot. It lies in a C5-3 zone in the special Midtown District, yielding an as-of-right commercial FAR of 15.0. The property holds approximately 17,775 buildable square feet, allowing for redevelopment options on one of the city’s busiest corridors.
Prior to the sale, Massey Knakal Retail Leasing Services secured Paris Baguette, as the net-lease tenant for the entire building, which had been vacant for the past six years. Paris Baguette is a division of an international food and food services company based in Korea. With 2,900 stores in Korea and 50 in China, it is rapidly expanding its US presence, and this is its first Manhattan location.
“By putting a great tenant in the building, the true value of the asset was realized. We were then able to achieve a higher sale price for our client,” said Massey Knakal CEO Paul J. Massey, Jr., who exclusively handled this transaction with Chairman Bob Knakal and Director of Retail Leasing Ryan Horvath. “This is a classic example of how Massey Knakal’s multiple disciplines work together,” added Massey.
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.