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

Massey Knakal Sells 41 Condominium Unit Package On Upper West Side

05/03/2013

A 41 residential condominium unit package situated within The Hopkins Condominium at 172 West 79th Street, located on the corner of West 79th Street and Amsterdam Avenue on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at$16,250,000.                                                     

Combined, the units total approximately 40,378 net rentable/sellable square feet and of the 41 sponsor-owned apartments, 33 are rent stabilized, and eight are rent controlled.  Layouts consist of 22 two-bedroom, two-bath units totaling approximately 26,009 square feet and ranging in approximate size from 1,060 square feet to 1,464 square feet and 19 one-bedroom units totaling roughly 14,369 square feet ranging in approximate size from 682 square feet to 842 square feet.  The sale price equates to approximately $402 per square foot.

The Hopkins Condominium is a 19-story, 98-unit, pre-war, elevator building just steps from the Museum of Natural History and Central Park.  The property was converted to condominium ownership in 2004, and tenant amenities include 24-hour doorman, live-in super, laundry room, and available bicycle storage and personal storage cages.

“This is a unique asset in a highly desirable location on Manhattan’s Upper West Side. We’re not surprised that the investment community showed such strong interest for this 41-unit package,” said Massey Knakal Vice President of Sales Guthrie Garvin, who exclusively handled this transaction with Senior Vice President of Sales Paul B. Smadbeck.

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

05/03/2013 - 14:00

Source

Cushman & Wakefield Capital Markets Group New York

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