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

Massey Knakal Sells Development Site Located In West Harlem

04/04/2013

A residential development site at 313 West 117th Street, located between Manhattan Avenue and Frederick Douglas Boulevard in Manhattan’s West Harlem was sold in an all-cash transaction valued at $1,400,000.

With a lot area of approximately 2,523 square feet and FAR of 4.0, the site contains 10,092 buildable square feet. West Harlem, the neighborhood adjacent to the lot, is the home to institutions such as Columbia University, Teachers College, Barnard College and The Manhattan School of Music. The site is located within close proximity to Morningside Park, restaurants and bars, and is easily accessible via public transportation. The sale price equates to approximately $140 per buildable square foot.

“This site represents an extraordinary opportunity for the purchaser to build a condominium development project in South Harlem - one of the most exciting and rapidly changing areas of Northern Manhattan,” said First Vice President of Sales Josh Lipton, who exclusively handled this transaction with First Vice President of Sales Hall Oster who added that “$140 per buildable square foot is indicative of the confidence that developers have in the neighborhood immediately east of Morningside Park.”

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

04/04/2013 - 09:57

Source

Cushman & Wakefield Capital Markets Group New York

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