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

Massey Knakal Sells Mixed-Use Building In TribeCa

08/13/2014

A mixed-use building at 304-306 Canal Street (aka 57-59 Lispenard Street), running block-through from Canal Street to Lispenard Street between Broadway and Church Street in Manhattan’s TriBeCa neighborhood, was sold in an all-cash transaction valued at $16,400,000.

The five-story elevator-serviced building contains approximately 11,850 above grade square feet, with an additional 700 square feet on the mezzanine level and 2,370 square feet below grade.  It features approximately 37 feet of frontage along both Canal and Lispenard Streets and delivers additional air rights.  The sale price equates to approximately $1,384 per square foot.

Due to the sizable floor plates and phenomenal location for retail and residential, the building offers a great opportunity for a developer, investor, and/or user.  Situated at the epicenter of the downtown subway stops that service tourists, office workers and a growing residential population, this is also a premier retail opportunity on the busiest crosstown street in downtown Manhattan.

“Centrally located where SoHo and TriBeCa intersect, this distinctive building will undoubtedly play an important role in the exciting transformation that Canal Street’s been undergoing for several years now,” said Massey Knakal’s Will Suarez, who exclusively handled this transaction.  “The changes happening on Canal Street are perfectly consistent with the broader Lower Manhattan transition from a 9-to-5 Monday-through-Friday workplace into a genuine 24/7 neighborhood where people live, work, study, visit, and play. The growing residential population, evolving nature of businesses moving downtown and of course the boom in tourism is having the expected result; developments that meet the needs of downtown New York for the 21st Century,” he added.

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

08/13/2014 - 10:35

Source

Cushman & Wakefield Capital Markets Group New York

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