Massey Knakal Sells Mixed-Use Building in Morningside Heights
A mixed-use building at 551-553 Manhattan Avenue, located on the corner of Manhattan Avenue and West 123rd Street in Northern Manhattan’s Morningside Heights neighborhood, was sold in an all-cash transaction valued at $2,270,000.
The four-story property is approximately 9,782 square feet and sits on a 33.5’ x 74’ lot. There is one commercial unit on the ground floor that is currently occupied by a restaurant. There are six free-market residential units above. The sale price equates to approximately $232 per square foot.
“The uniqueness of this property was both the free market status of the apartments and the nearly 2,500 square feet of commercial space located in a prime residential and commercial area of Harlem. With the strong rental market, we expect the investor to do very well with this acquisition,” said Massey Knakal First Vice President of Sales Josh Lipton who exclusively handled this transaction with Vice President of Sales Thomas D. Gammino.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.