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

Massey Knakal Sells Mixed Use Building in Harlem

06/20/2012

A six-family apartment building at 243 West 135th Street, located between Frederick Douglass Boulevard and Adam Clayton Powell Jr. Boulevard in West Harlem, was sold in an all cash transaction valued at $2,300,000.

Built in 1910, this five-story property is approximately 9,695 square feet and sits on a 25’ x 86’ lot.  The building contains eight residential units, seven of which have been renovated within the past five years. Additionally, the building includes a newly created 700 square foot yoga studio on the ground floor. The property’s proximity to The City College of New York, the Harlem Hospital Center, and access to Saint Nicholas Park makes the location highly desirable.  Extensive work has been completed throughout the property in the past year, including a new gas boiler, a new chimney, and the yoga studio. The sale price equates to approximately $230 per square foot.

“The uniqueness of this property was in the free market status of the apartments.  Heading into a very strong prime rental season we expect the investor to do very well with this acquisition,” said Massey Knakal First Vice President of Sales Robert Shapiro who exclusively handled this transaction with First Vice President of Sales Josh Lipton.

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

06/20/2012 - 09:28

Source

Cushman & Wakefield Capital Markets Group New York

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