Massey Knakal Sells Mixed-Use Building In Tribeca
Massey Knakal has sold a mixed-use building located at 360-362 Broadway. The building resides on the southeast corner of Franklin Street and Broadway in the heart of TriBeca. The building was sold in a transaction valued at $23,000,000.
The property is a five-story mixed-use loft building and consists of eight residential units and two retail stores. The building is 56 feet wide and contains a total of 26,723 square feet. The ground floor retail space is 5,400 square feet and is currently subleased to two tenants. The eight residential units, two per floor, are all fair market units and are the large TriBeca loft-style apartments. All the leases are for one-year terms, therefore the building can be delivered vacant within the next year. The building is also potentially part of a larger development site. Based upon its land size of 6,440 square feet and the zoning designation of C6-4A, which carries a 10.0 floor area ration, the building leads to a total of 64,440 buildable square feet.
This property was part of the 28 building, $250 million, Century Portfolio which Mr. Knakal has been marketing over the past several months.
“This transaction was indicative of the current strength of the development market in Manhattan. Ultimately, the highest and best use of this property is as part of a larger site for development,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Director of Sales Nick Petkoff.
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.