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

Massey Knakal Sells Commercial Building And Vacant Lot In Crotona

05/23/2013

A commercial building and adjacent vacant lot at 1430-1432 Prospect Avenue, located on the southeast corner of Boston Road and Prospect Avenue in the Crotona neighborhood of the Bronx, were sold in an all-cash transaction valued at $550,000.

The properties consist of a two-story building of approximately 10,378 square feet and an adjacent 23’ wide lot. The combined lot dimensions are approximately 79.5’ x 116.5’.  Currently zoned C2-4 / R7-1, the sites combine for approximately 148 feet of corner frontage and approximately 33,160 buildable square feet.  The sale price equates to approximately $53 per square foot.

These properties are conveniently located just five blocks north of the Freeman Street #2 and 5 subway station and within direct proximity to multiple bus lines.

“The property required a significant amount of renovation but its corner location, great visibility, high traffic volume, and retail frontage represented an ideal scenario for the buyer. Once complete the property will likely feature new retail with parking and second story residential space,” said Nick Burns, who exclusively handled this transaction with Mark Lively and Brendan Maddigan.

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

05/23/2013 - 08:07

Source

Cushman & Wakefield Capital Markets Group New York

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