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Massey Knakal Sells Iconic Landmark In Hudson Square

10/03/2012

Massey Knakal Realty Services has sold 100 Vandam Street,a loft building in the heart of Hudson Square, in an all-cash transaction valued at $27,500,000.  The property is located between Greenwich and Hudson Streets in one of the fastest growing neighborhoods in New York City and just steps from TriBeCa, SoHo, and the West Village.

Beck Street Capital was the seller. “Beck Street has a long standing relationship with James and Robert at Massey Knakal. Over the years, his team has sold for us over a half dozen properties worth well in excess of $125,000,000. These sales have ranged from the Bleecker Street retail condos, which achieved the third highest price per square foot ever in the US at the time; a loft building on Broadway, which was sold for almost double what we had paid a year before; and most recently 100 Vandam, a loft building, with future development potential. They are very versatile and creative brokers who can handle a variety of different asset classes and price points. I would gladly recommend them to any NYC sellers,” said Kevin Comer, Senior Managing Director.

Built in 1913 as an electrical sub-station, the building was converted for use by a printing press before undergoing a major interior renovation in 1990. The sleek, stainless steel entrance doors lead to a newly constructed, contemporary grand lobby. The interior architecture features ornate barrel vaulted ceilings, with exposed beams and columns throughout. Unusually high ceiling heights ranging from 10’9” to 14’6” and the building’s distinctive, towering arched windows provide for an abundance of air and light on three sides of the building. Sweeping views of the Hudson River and the downtown skyline can be seen from the upper floors and roof deck.

The existing corner, elevatored building measures approximately 40,435 square feet. The property hosts a variety of commercial or development opportunities. There also exists an opportunity to create an expansive restaurant or private club space on the lower level with its own entrance.

A ULURP for Hudson Square was certified on August 17, 2012, which could allow for future residential development, giving this additional potential upside. 

“We were pleased to identify a buyer who was able to close in a week. We had several other competing offers at this level, but the buyer’s ability to move quickly was what clinched it,” said Massey Knakal Partner James Nelson, who exclusively represented the seller with Senior Vice President of Sales Robert Burton. “Carl Weisbrod and Trinity Church worked closely with the community over the last several years and their remarkable progress on the Hudson Square Rezoning has opened a whole new field of possibilities for property owners in the area. Their work will greatly benefit 100 Vandam,” added Robert Burton.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

10/02/2012 - 17:50

Source

Cushman & Wakefield Capital Markets Group New York

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