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

Massey Knakal Sells Mixed-Use Building On Lower East Side

04/14/2014

A mixed-use building at 102 Norfolk Street, located between Delancey and Rivington Streetsin Manhattan’s Lower East Side neighborhood, was sold in an all-cash transaction valued at $11,000,000.

The six-story building contains approximately 16,000 square feet and sits on a 37.7’ x 100.2’ lot.  It consists of a bar and a restaurant on the ground floor and 25 apartments on the upper floors, of which 21 are rent stabilized and four are free market.  The sale price equates to approximately $688 per square foot.

The building is located across the street from the Seward Park Urban Renewal project now called Essex Crossing.  Community Board 3 recently approved the city’s land use application for a 1.65 million square foot mixed-use project, which would bring approximately 900,000 square feet of new apartments and 600,000 square feet of commercial space to the Lower East Side.  In addition, the property is two blocks from the Delancey Street-Essex Street subway stop which is serviced by the F, J, M, and Z trains.

“This property couldn’t have been positioned better to take advantage of the buzz of the Essex Crossing project,” said Massey Knakal’s Michael DeCheser, who exclusively handled this transaction.

The seller was Jeff Harmatz of East Side Management Enterprises, whose family has a long history in the area.  “After working to maximize the value of the property, it was time to sell.  This was a great opportunity to continue to grow our portfolio of new development projects,” said Harmatz.

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

04/14/2014 - 11:42

Source

Cushman & Wakefield Capital Markets Group New York

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