Massey Knakal Sells Development Site In East Village
A development site at 277 East 7th Street, located between Avenues C and Din Manhattan’s East Village neighborhood, was sold in an all-cash transaction valued at $1,850,000.
The vacant 22.25’ x 97.5’ lot benefits from a curb cut. Currently, the lot is used for ten parking spaces. With a zoning of R8-B and FAR 4.00 residential, the site contains approximately 7,461 buildable square feet. The sale price equates to approximately $248 per buildable square foot.
“We were able to identify a buyer who was willing to be flexible on the close so our client could have ample time to find a replacement property for a 1031 Exchange,” said Massey Knakal Partner James P. Nelson, who exclusively handled this transaction along with Senior Associate Matt Nickerson.
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.