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

Massey Knakal Sells Mixed-Use Corner Building In Midtown West

09/13/2013

A mixed-use building at 859-861 Ninth Avenue, located on the southwest corner of Ninth Avenue and West 56th Street in the Special Clinton District of Manhattan’s Midtown West neighborhood, was sold in an all-cash transaction to the retail and mixed-use investment firm Trevi Retail.  The purchase price was $17,000,000. 

The six-story building contains approximately 28,782 square feet and sits on a 55.42’ x 100’ corner lot.  It consists of a ground floor restaurant space, 40 one-bedroom Rent Stabilized apartments, and one super’s unit.  The sale price equates to approximately $591 per square foot.

“We received a tremendous response from the market for 859-861 Ninth Avenue, but the folks at Trevi Retail recognized quite clearly the true long-term value of this prime retail corner and the substantial future upside of the residential component as well,” said Massey Knakal’s Paul Smadbeck who exclusively handled this transaction with Christoffer Brodhead.

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

09/13/2013 - 08:52

Source

Cushman & Wakefield Capital Markets Group New York

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