Massey Knakal Sells Mixed-Use Building Steps From Stuyvesant Park
A mixed-use building at 336 East 15th Street, located between First and Second Avenues in Manhattan, was sold in an all-cash transaction valued at $5,000,000.
This four-story building is approximately 6,158 square feet and sits on a 21’ x 103’ lot. The property has approximately 6,893 of unused air rights. The building consists of a vacant ground floor medical office space and three apartments above. The ground floor is built full with double height ceilings in the rear half of the building while the second floor has a large studio apartment sitting directly above the front half of the ground floor unit. Floors three and four have floor-through two-bedroom apartments. All units are free-market and were being leased on a month-to-month basis at the time of the sale. The sale price equates to approximately $812 per square foot.
The property benefits from its superb location steps from Stuyvesant Park, close to Gramercy Park and its proximity to many hospitals and institutions.
“This sale demonstrates the strong appetite from foreign investors looking to place capital in the New York City real estate market and strive to outcompete their local counterparts. The new owners plan to renovate the property and deliver a rental product unique to any other property in the neighborhood. We foresee this trend to continue as NYC real estate is perceived as a safe-haven for foreigners who can’t seem to achieve the returns their investors desire in their Southeast Asian markets,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo, who exclusively handled this transaction with Director of Sales, Craig M. Waggner.
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.