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

Massey Knakal Sells Development Site In Flatiron

01/30/2013

Massey Knakal has sold a development site located at 19-25 West 20th Street, between Fifth and Sixth Avenues, in the center of the Flatiron District.The site was sold in a transaction valued at $9,750,000.

In what is an unusual development parcel, the site is a vacant 25’ x 92’ lot which sits next to a 75 foot wide, 292 space, 7-story parking garage which is leased on a long-term basis. The property features shovel-ready plans that have already been approved by the Landmarks Preservation Commission (LPC) which call for a building up on the lot and then over, and on top of, the parking garage. These plans call for a 15-story residential building, including a three-story addition to the existing parking structure. The final project will contain 19 condominium apartments in 32,504 zoning square feet, and a fully-restored parking facility. The site was purchased by Gale International

“This was a transaction which required a lot of creativity and Stan Gale brought tenacity to the table while getting his arms around the complexities here,” said Massey Knakal Chairman Bob Knakal, who exclusively handled these transactions with Vice Chairman and Partner John Ciraulo. “Stan and his team were a pleasure to work with,” Mr. Knakal added.

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

01/30/2013 - 12:56

Source

Cushman & Wakefield Capital Markets Group New York

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