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

Massey Knakal Sells Mixed-Use Building On Upper East Side

08/14/2012

A mixed-use building at 1557 Second Avenue, located between East 80th and 81st Streets on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at 3,000,000.

The four-story building is approximately 4,349 square feet and has over 10,700 square feet of air rights. It contains one commercial unit on the ground floor and 15 apartments above, of which 13 are SRO units and two are Class-A apartments. Eight of the SRO units and the two Class-A units were delivered vacant. The sale price equates to approximately $690 per square foot.

“This building is a prime candidate for repositioning today, or as the Second Avenue Subway nears completion, due to the current vacancy and the accompanying air rights,” said Massey Knakal Vice President of Sales Thomas D. Gammino Jr.

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.

08/14/2012 - 09:28

Source

Cushman & Wakefield Capital Markets Group New York

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