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

Massey Knakal Sells Mixed-Use Building Located On Lower East Side

01/31/2014

Amixed-use building at 158 Rivington Street, located between Suffolk and Clinton Streets on Manhattan’s Lower East Side, was sold in all-cash transaction valued at $6,480,000.

The six-story walk-up building contains approximately 6,866 square feet and sits on a 23’ x 100’ lot.  It consists of two retail units on the ground floor that were combined as one and nine residential units on the upper floors. Of the residential units, there are eight one-bedroom units in addition to a recently added two-bedroom penthouse with outdoor terrace on the sixth floor.  The building was gut-renovated in the 1990s and holds approximately 2,151 square feet of additional air rights.  The sale price equates to approximately $944 per square foot.

The building is steps from Essex Crossing, a 1.65 million square foot mixed-use project, which will bring approximately 900,000 square feet of new apartments and 600,000 square feet of shops and community facilities to the Lower East Side.  Neighbors include The Lower East Side Tenement Museum, Streit’s, and a new hotel to the south on Delancey Street.  In addition, the property is two blocks from the Delancey Street-Essex Street subway stop, providing access to the F, J, M and Z trains.

“Increasing demand continues to greatly exceed supply in all market segments of the Lower East Side. 158 Rivington is a rare commodity considering it is entirely free market and fully renovated. The price equates to approximately $944 per square foot, one of the highest sales in the neighborhood on a price per square foot basis,” said Massey Knakal’s Michael DeCheser, who exclusively handled this transaction.  The seller of the property is 158 Rivington Property Inc.

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

01/31/2014 - 16:12

Source

Cushman & Wakefield Capital Markets Group New York

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