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

Massey Knakal Sells Institutional Building In Queens

09/05/2012

An institutional building at 199-12 112th Avenue, located on the southern blockfront of 112th Avenue between 199th and 200th Street, in St Albans, Queens, was sold for $6,800,000, according to a Massey Knakal Realty Services report.  

The three-story, 52,300 square foot, institutional building, that resides in the scenic residential area of St. Albans. The building was originally constructed as a school and was once home to the Police Athletic League, which was the seller in this transaction. The property was most recently leased to New Chapter Academy, an independent religious school, on a short-term basis. The building was delivered vacant at the time of closing.

Given the property’s  quiet, densely residential location, and its institutional design, the building was ideally suited to serve a multitude of options, such as an educational facility, affordable housing conversion, senior care/assisted living or rehabilitative facility. Ultimately, the buyer of the property was New York City’s School Construction Authority, which will return the building to its original school use.

“It is always rewarding to help wonderful organizations like PAL, which does such beneficial work for our communities,” stated Massey Knakal Chairman Bob Knakal who exclusively handled this transaction along with Director of Sales Brian Sarath, who added, “The property was a perfect fit for the NYC School Construction Authority, which plans to use the building as a public school. This use will greatly benefit the community of Saint Albans.”

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

09/05/2012 - 09:29

Source

Cushman & Wakefield Capital Markets Group New York

Want more news about Cushman & Wakefield Capital Markets Group New York? Click here