Massey Knakal Sells Murray Hill Development Site
A development site consisting of three adjacent mixed-use buildings at 207, 209, and 211 East 34th Street, located between Second and Third Avenues in Manhattan’s Murray Hill neighborhood, was sold in an all-cash transaction valued at $21,000,000.
207 East 34th Street is a vacant five-story approximately 7,469 square foot building that sits on a 25’ x 98.75’ lot. 209 and 211 East 34th Street are two four-story buildings that are approximately 6,208 square feet on a 25’ x 98.75’ lot. The buildings were delivered vacant, except for one unit occupied by a tenant. Its C1-9A zoning designation allows for approximately 49,375 total buildable square feet as of right. The ground floor retail portion of all three buildings was formerly occupied by the legendary Murray Hill restaurant Nicola Paone for over 50 years before it closed its doors five years ago. In total, the site holds approximately 49,375 buildable square feet, with the sale price equating to approximately $425 per buildable square foot.
“The sale of this mid-block development site at $425 per buildable square foot is another example of the booming Manhattan development market which reached unprecedented levels in 2013 and will continue to thrive in 2014,” said Massey Knakal’s John Ciraulo, 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 4,700 transactions having a market value in excess of $19 billion.