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

Massey Knakal Sells 56-Unit Mixed-Use Building On Upper West Side

01/08/2014

A mixed-use building at 370-374 Columbus Avenue, located between West 77th and West 78th Streetsin Manhattan’s Upper West Side neighborhood, was sold in an all-cash transaction valued at $35,750,000.

The five-story elevator building contains approximately 31,125 square feet and sits on 78’ x 103.17’ lot.  It consists of 54 residential units and two commercial units, occupied by a highly reputable restaurant and a well-established deli/market.  Of the 54 residential units, 34 are fair market, 15 are rent stabilized, and three are rent controlled.  The property features approximately 78 feet of frontage directly across from New York City’s iconic American Museum of Natural History.  The sale price equates to approximately $1,149 per square foot.

This building is located at the epicenter of Manhattan’s Upper West Side, which has recently become home to a lively mix of families, young professionals, and college students.  It is in close proximity to Central Park and the American Museum of Natural History to the east, Lincoln Center to the south, Riverside Park and the Hudson River to the west, and Columbia University to the north, with a diverse range of beautifully designed buildings, award-winning restaurants, nightlife, performing arts centers, and a countless number of other attractions nestled in between.  Additionally, the property benefits from convenient accessibility to public transportation, with the 1, 2, 3, B, and C subway lines within short walking distance and various bus routes servicing the area.

The transaction was exclusively handled by Massey Knakal Chairman Bob Knakal, Thomas A. Donovan, and Paul Smadbeck.  The property was sold by The Vintage Group.

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

01/08/2014 - 10:10

Source

Cushman & Wakefield Capital Markets Group New York

Want more news about Cushman & Wakefield Capital Markets Group New York? Click here