Massey Knakal Sells Commercial Mixed-Use Building On Chelsea/Flatiron Border
A commercial mixed-use building with a penthouse duplex residence at 111 West 17th Street was sold in an all-cash transaction valued at $7,250,000. The building islocated between Sixth and Seventh Avenueson the border of the Chelsea and Flatiron neighborhoods. The sale prices equates to approximately $793 per square foot and a 5.09% capitalization rate.
The six-story, walk-up building is approximately 9,140 square feet and sits on a 20’ x 92’ lot. There are approximately 1,918 square feet of unused air rights. The building lies within a C6-2A zoning district (R8A residential equivalent) with an FAR of 6.02. Built in 2001, the property consists of a turn-key restaurant on the ground floor with a lease through January 2016, three floor-through loft-type commercial units on the second, third, and fourth floors, and a two-bedroom, two and a half bath residential duplex on floors five and six. There is a beautiful 20’ wooden deck off the kitchen on the fifth floor rear along with access to a rooftop deck above the sixth floor. With floor-to-ceiling windows throughout and generous ceiling heights the building has tremendous light.
“With flight-to-quality hard assets and a sharp supply / demand imbalance this sale further exemplifies the strength of the Manhattan investment sales market where investors have a strong appetite for even stabilized assets at low 5% cap rates given the historically low interest rate environment we’re in,” said Massey Knakal Vice Chairman John F. Ciraulo, who exclusively handled this transaction with Director of Sales Craig M. Waggner and First Vice President of Sales Brock Emmetsberger.
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.