Massey Knakal Sells Commercial Building in Midtown
A commercial building at 212 East 49th Street, located between Second and Third Avenues in Manhattan’s Midtown neighborhood, was sold in an all-cash transaction valued at $6,100,000.
The four-story property is approximately 8,817 square feet and sits on a 20’ x 100’ lot. It was built in 1920 as a townhouse and in 1983, it underwent a complete renovation. The property benefits from a useable basement, 1000lb capacity hydraulic elevator, state-of-the-art security system, and central air conditioning with individual HVAC units on each floor. Additionally, there are bathrooms on each floor including a shower on the third floor, a private patio off the rear, and multiple skylights.
The building is located where the Midtown Manhattan office district meets the historic residential district known as Turtle Bay. Directly across the street is the well-known steakhouse, Smith & Wollensky. It is within walking distance to the UN and many hotels and restaurants.
The sale price equates to approximately $692 per square foot.
“A vacant building in this part of Midtown attracted an array of buyers including hedge funds, non-profit institutions, foreign consulates, and live-plus-income investors,” said Massey Knakal Vice Chairman and Partner John F. Ciraulowho exclusively represented the seller with First Vice President of Sales Clint Olsenand Director of Sales Craig Waggner.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.