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

Massey Knakal Sells Mixed-Use Building On Upper West Side

01/04/2013

A mixed-use building at 228 West 72nd Street, located between Broadway and West End Avenue on the Upper West Side was sold in an all-cash transaction valued at $5,540,000.

The six-story building contains approximately 11,820 square feet and sits on a 25’ x 102.17’ lot.  It consists of nine residential units, five of which are free market and four are rent stabilized. Mike’s Bistro, the kosher restaurant on the ground floor, has an enclosed sidewalk café and second floor dining room.  The sale price equates to approximately $469 per square foot.

“The sale of 228 West 72nd Street was a textbook 2012 year-end transaction where the anticipated rise in capital gains created substantial incentives for both parties to move quickly. Hired in November, we were able to streamline the marketing process and identify the most capable buyer, achieving substantial savings for the seller by closing before December 31st,” said Massey Knakal Senior Vice President of Sales Paul B. Smadbeck, who exclusively handled this transaction.

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

01/03/2013 - 17:49

Source

Cushman & Wakefield Capital Markets Group New York

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