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

Massey Knakal Sells Mixed-Use Corner Broadway Building In Washington Heights

02/26/2013

A mixed-use building at 4740 Broadway (103 Thayer Street), located on the southeast corner of Broadway and Thayer Street in Manhattan’s Washington Heights neighborhood, was sold in an all-cash transaction valued at $11,300,000.

The six-story building contains approximately 58,400 square feet and sits on a 101’ x 150’ lot, with 68 residential units and six commercial units.  The 68 residential units, many of which enjoy sweeping park views, feature spacious pre-war layouts and comprises 31 one-bedroom, 27 two-bedroom, and ten three-bedroom units.  The entire building is rent regulated and consists of 62 rent stabilized units, five rent controlled units, and one super’s unit.  The building is in pristine condition and has been meticulously maintained by long-term ownership for over 30 years.  Significant upgrades have recently been made and substantial maintenance has been performed throughout the property including new security cameras, a newly poured courtyard, pointing and façade work, along with major upkeep on the roof and parapet walls. The sale price equates to approximately $193 per square foot.

The property benefits from its outstanding location. It receives extraordinary commuter foot traffic from the five surrounding Dyckman Street A express train entrances, one of which empties out directly in front of the property’s northern most retail space.  Fort Tryon Park, home of the Cloisters Museum, is located directly across the street and provides tenants with numerous outdoor amenities such as playgrounds, tennis courts, ball fields, hiking trails, and a waterfront promenade.

This property has tremendous potential due to its extremely low residential rents and fantastic retail corner location,” said Massey Knakal First Vice President of Sales Robert Shapiro, 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 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

02/26/2013 - 15:46

Source

Cushman & Wakefield Capital Markets Group New York

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