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

Massey Knakal Sells Mixed-Use Building In East Village

07/08/2014

A mixed-use building at 180 Second Avenue, located between East 11th and East 12th Streets in Manhattan’s East Village neighborhood, was sold in an all-cash transaction valued at $6,750,000.

The five-story building contains approximately 7,584 square feet and sits on a 25.83’ x 100’ lot.  It is configured as a restaurant/bar on the ground floor and offices above.  The retail tenant’s space benefits from a solarium it uses for outdoor seating. The zoning does permit residential use as of right, allowing a possible conversion to rental or condominiums on the above floors. The sale price equates to approximately $886 per square foot.

The building is located in the East Village, one of downtown’s most vivacious neighborhoods known for its ethnically diverse community, vibrant nightlife, fantastic restaurants and artistic counterculture.

“After two months of activity we were able to identify the perfect buyer for the building, a first time buyer of investment property whose goal was to own an asset in this location for the long-term,” said Massey Knakal’s Brendan Maddigan, who exclusively handled this transaction with James Nelson, Mark Lively and Matt Nickerson.   “The sale price of close to $900 per square foot for a 25’ wide building that has not been renovated is a direct result of the incredible demand for product in the area, coupled with the continued lack of available properties,” added Nelson.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

07/08/2014 - 09:58

Source

Cushman & Wakefield Capital Markets Group New York

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