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

Massey Knakal Sells Mixed-Use Building on Upper West Side

06/20/2012

A multifamily building at 70 West 106th Street, located between Columbus and Manhattan Avenues on Manhattan’s Upper West Side was sold in an all-cash transaction valued at $3,000,000.

The five-story property is approximately 8,000 square feet and sits on a 25’ x 100.5’ lot.  The building contains two retail spaces and fourteen one-bedroom apartments. Of the fourteen units, nine are free market, three are rent stabilized, and two are rent controlled. Six of the apartments have been renovated with new floors, kitchens, and bathrooms. The lobby of the building has also been renovated.The sale price equates to approximately $370 per square foot.

“From the moment we came to market, we received a substantial amount of interest from buyers seeking to invest in Manhattan Valley. The neighborhood’s proximity to Columbia University, the UWS, and Central Park has made it one of the few remaining areas of Manhattan with substantial growth potential,” said Massey Knakal Director of Sales Hall Oster who exclusively represented the seller in this transaction.

The buyer was represented by Jeffrey Tanenbaum of Halstead Property.

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.

www.masseyknakal.com

06/20/2012 - 09:19

Source

Cushman & Wakefield Capital Markets Group New York

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