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

Massey Knakal Sells Mixed-Use Building In Midtown East

09/26/2013

A mixed-use building at 975 Second Avenue, located between East 51st and East 52nd Streetsin Manhattan’s Midtown East neighborhood, was sold in an all-cash transaction valued at $5,100,000.

The four-story building contains approximately 4,400 square feet and sits on a 20’ x 70’ lot.  The ground floor is configured as a bar/restaurant, with five free market residential units above.  The second floor contains a three-bedroom apartment and the third and fourth floors each contain two, one-bedroom apartments.  The sale price equates to approximately $1,159 per square foot.

“This property sold to an investor who plans on opening a restaurant and bar,” said Massey Knakal’s Clint B. Olsen, who exclusively handled this transaction. “The sale highlights a renewed and continued transformation of the Second Avenue corridor in anticipation of multiple luxury development projects and completion of the Second Avenue subway,” added Olsen.

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

09/26/2013 - 08:22

Source

Cushman & Wakefield Capital Markets Group New York

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