Massey Knakal Sells Mixed-Use Property In Gramercy
A mixed-use building at 132 Lexington Avenue, located on the west side of Lexington between East 28th and 29th Streets on the cusp of the NoMad and Kips Bay neighborhoods was sold in an all-cash transaction valued at $3,450,000.
The 16.25' wide, four-story property is approximately 4,685 square feet and sits on a 16.25’ x 81’ lot The property consists of a retail store with a renovated basement and three spacious floor-through two-bedroom, two-bathroom apartments above. The second floor unit is currently vacant and ready to be renovated. The units on floors three and four were completely renovated in 2001. In addition, the building features all newly installed sprinklers, lobby tiles, hallway carpets, sky-lights and a replaced roof access hatch. The sale price equates to approximately $736 per square foot.
This offering represents a tremendous opportunity for a user/investor to gain a presence in a prime Manhattan neighborhood.
“Selling 132 Lexington at $736 per square foot is a true testament of the strength of the Kips Bay market. With new developments continuing to rise in this neighborhood, we can only anticipate that both residential and retail rents will continue to rise at a favorable rate for owners,” said Massey Knakal Partner and Vice Chairman John F. Ciraulo, who exclusively handled this transaction along with Director of Retail Leasing Michael Azarian.
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.