Massey Knakal Sells Commercial Co-op Near Madison Square Park
A commercial cooperative within a building at 118 East 25th Street, located between Park Avenue South and Lexington Avenue near Manhattan’s Madison Square Park, was sold in a transaction valued at $2,800,000
The co-op consists of the entire third floor of a 12-story loft building. The space contains approximately 3,800 square feet with 12’ ceiling heights, exposed brick, extra-large windows providing excellent light, and a passenger elevator that opens directly onto the floor. The nearly 42 foot wide window-lined entryway, just off the elevators upon entering the unit, pours in tremendous sunlight from its northern exposure. The co-op is built-out with cubicles and private offices, a conference room, full kitchen, two full baths and one half bath. The sale price equates to approximately $737 per square foot.
Built in 1912, the pre-war building benefits from a newly renovated lobby, a lock-key passenger and attended service elevator, a computerized key access security and video intercom system and full-time superintendent.
“This loft offers the flexibility of being used either commercially, residentially or as live/work. Due to the scarcity of this type of product in the neighborhood we were able to draw enormous amounts of interest from various end-users for commercial offices, non-profit organizations, small businesses, entrepreneurs and even family’s looking for loft-style living within walking distance to the bustling Madison Square Park district” said Massey Knakal Vice Chairman and Partner John F. Ciraulo, who exclusively represented the seller in this transaction with Director of Sales Craig M. 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 4,500 transactions having a market value in excess of $17 billion.