Massey Knakal Sells Corner Development Site in NoMad District
A development site at 264 Fifth Avenue, located on the corner of Fifth Avenue and West 29th Street in Manhattan’s NoMad district, was sold in an all-cash transaction valued at $25,500,000.
The prime development site features approximately 130 feet of wrap-around frontage along Fifth Avenue and West 29th Street, providing excellent visibility in one of Manhattan’s premiere neighborhoods. The existing structure is a five-story, approximately 13,875 square foot mixed-use building, which currently consists of six retail stores and 13 residential units. Under the current C5-2 (R10) zoning designation, the approximately 2,975 square foot lot has an FAR of 10.0, thus allowing for a total development of approximately 30,000 square feet. The sale price equates to approximately $850 per buildable square foot.
Located in the heart of Manhattan just north of Madison Square Park, this site is situated in one of Manhattan’s best live/work neighborhoods. There are a variety of public transportation options servicing the area, including six subway lines as well as the New Jersey Path train and multiple bus lines. Supported by an influx of new businesses, creative agencies, renowned restaurants, and upscale residences, the NoMad district is one of Manhattan’s most desirable submarkets.
“This transaction was a perfect example of our proactive engagement with the brokerage community. Not only did we send the property information to investors and developers but to all potential co-brokers. Eran Elhanani was able to bring us a highly qualified, first-time purchaser who paid a premium for the property. Our client benefited tremendously from this approach,” said Massey Knakal Chairman Bob Knakal, who exclusively represented the seller in this transaction with Vice Chairman John Ciraulo.
The buyer, an Israeli-Russian billionaire, was represented by Eran Elhananiof Esquared Realty. The attorney for the seller was Andrew W. Albstein of Goldberg Weprin Finkel Goldstein LLP and the attorney for the buyer was Jeff Schwartz of Wolf Haldenstein Adler Freeman & Herz LLP.