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

Massey Knakal Sells Corner Retail Building On Lower East Side

03/20/2013

A corner retail building at 156-164 Delancey Street, located on the northwest corner of Delancey Street and Clinton Street on Manhattan’s Lower East Side, was sold in an all-cash transaction valued at $6,000,000.

The single story building boasts 109 feet of frontage in a high traffic location, directly adjacent to the Manhattan entrance of the Williamsburg Bridge. The building currently consists of six commercial units of ideal size, five of which are occupied with most of the leases expiring in the next few years. The building receives additional income from billboard advertising on the roof.

This future development site was sold to Ben Ashkenazy of Ashkenazy Investments and can be built to nearly 20,000BSF including inclusionary bonus, and given its proximity to the Seward Park Urban Renewal Area, presents a strong future development opportunity.

“Retail properties like this are in extraordinarily high demand today. With some repositioning, this asset can produce much more cash flow than it does today,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with First Vice President of Sales Michael DeCheser.

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.

www.masseyknakal.com

03/20/2013 - 15:36

Source

Cushman & Wakefield Capital Markets Group New York

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