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

Massey Knakal Sells Mixed-Use Building In Kips Bay / Murray Hill

10/04/2013

A mixed-use building at 134 East 28th Street, located between Lexington and Third Avenueson the border of Manhattan’s Kips Bay and Murray Hill neighborhoods, was sold in an all-cash transaction valued at $2,600,000.

The four-story walkup building contains approximately 3,440 square feet and sits on a 20’ x 74’ lot.  It consists of a duplex office space on the ground floor and basement, with access to the manicured garden.  The parlor floor is a loft-like space, equipped with a kitchen and an outdoor patio.  Floors three and four are partitioned into six bedrooms and two full bathrooms.  The boiler has been recently upgraded and the first two floors are outfitted with wall mounted mini-split cooling systems. The property’s most recent use was a convent.  The sale price equates to approximately $756 per square foot.

Located on the cusp of the popular Kips Bay and Murray Hill neighborhoods, public transportation is easily accessible with the 6 train entrance only one block away at Park Avenue South.  All other amenities are readily available in the immediate vicinity.

“This sale created a prime opportunity for an investor/developer to purchase and reposition the property. The commercial zoning and composition of the surrounding neighborhood created opportunities for single-family, multifamily and mixed-use developments. In the end, a local developer purchased the property and has begun to plan his renovations,” said Massey Knakal’s John F. Ciraulo, 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 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

10/04/2013 - 08:38

Source

Cushman & Wakefield Capital Markets Group New York

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