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

Massey Knakal Sells Mixed-Use Building On The Border Of Upper East Side And Midtown East

12/12/2012

A mixed-use townhouse at 164 East 61st Street located between Lexington and Third Avenues on the border of Manhattan’s Midtown East and Upper East Side neighborhoods, was sold in an all-cash transaction valued at $5,900,000.

The five-story building contains approximately 5,800 square feet and sits on a 20’ x 100’ lot. It currently consists of one recently renovated commercial unit and six residential units.  Of these residential units, one is a three-bedroom duplex.  The remaining units consist of two studios and three one-bedroom units.  The sale price equates to approximately $1,017 per square foot.

The building was delivered entirely vacant, making it an exceptional opportunity in a well established and accessible neighborhood of Manhattan.

“The buyer, Ira Lifshutz, has been very active in the neighborhood and plans on renovating and operating the building as a boutique rental property,” said Massey Knakal Director of Sales Clint B. Olsen, who represented the seller in this transaction.

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

12/12/2012 - 11:48

Source

Cushman & Wakefield Capital Markets Group New York

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