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

Massey Knakal Sells Corner Development Site In East Harlem

01/17/2014

A development site at 1900 Park Avenue, located on the corner of Park Avenue and East 129th Streetin Manhattan’s East Harlem neighborhood, was sold in an all-cash transaction valued at $2,725,000.

The site contains approximately 8,993 square feet on a 99.92’ x 90’ lot.  With C8-3 zoning and FAR of 2.0, the site allows for approximately 17,986 buildable square feet as of right, and the sale price equates to approximately $152 per buildable square foot.

This property is in close proximity to 125th Street, Harlem’s most exciting and rapidly developing retail corridor.  It is easily accessible to all downtown and outer borough locations via the Lexington Avenue subway at 125th Street and Metro-North at 125th Street and Park Avenue.

“We had a lot of interest from developers, investors and users. This level of interest is a huge indication of the emerging nature of the neighborhood,” said Massey Knakal’s Lev Kimyagarov, who exclusively handled this transaction.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

01/17/2014 - 11:27

Source

Cushman & Wakefield Capital Markets Group New York

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