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

Massey Knakal Sells Mixed-Use Building In Harlem

03/03/2014

A mixed-use building at 256-262 West 116th Street, located between Adam Clayton Powell Jr. and Frederick Douglass Bouelvards in Manhattan’s Central Harlem neighborhood, was sold in an all-cash transaction valued at $3,700,000.

The five-story building contains approximately 10,625 square feet on an 82’ x 25.92’ lot and consists of three office and two retail units.  The top three floors underwent gut renovation in 2013, including a new roof and heating system.   The sale price equates to approximately $348 per square foot.

The property’s close proximity to CCNY, Columbia University, and numerous national retail tenants ensures strong future tenant demand.  Public transportation is easily accessible via the 2 and 3 train stop at Lenox Avenue and West 116th Street and the B and C train stop at West 116th Street and Frederick Douglass Boulevard, providing access to midtown in less than 20 minutes

“There was a considerable amount of interest in this building as investors clearly recognized its long-term value,” said Massey Knakal’s Lev Kimyagarov, who exclusively handled 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 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

03/03/2014 - 11:12

Source

Cushman & Wakefield Capital Markets Group New York

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