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

Massey Knakal Sells Development Site In Chelsea

04/07/2014

A development site at 455 West 19th Street, located between Ninth and Tenth Avenuesin Manhattan’s Chelsea neighborhood, was sold in an all-cash transaction valued at $22,500,000.

The development site consists of an approximately 4,600 square foot lot that measures 50’ x 92’ and currently holds a single-story warehouse.  The property was delivered vacant and features a curb cut and approximately 50 feet of frontage on West 19th Street, just steps from the Highline.  The site was purchased by a domestic developer and holds approximately 27,692 buildable square feet.  The sale price equates to approximately $813 per buildable square foot.

“Pricing of development sites in Chelsea have almost doubled since the start of 2012. Specifically in West Chelsea, many prospective developers see the success of past developments in the neighborhood and are willing to pay a premium to not miss out on these scarce offerings,” said Massey Knakal’s Brock Emmetsberger, who exclusively handled this transaction with James Nelson.  “More and more we are seeing first time buyers, both domestic and foreign, willing to take on ground-up construction, especially for these boutique developments,” added James Nelson.

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

04/07/2014 - 11:02

Source

Cushman & Wakefield Capital Markets Group New York

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