Massey Knakal Sells Renovated Mixed-Use "Gem" In The Flatiron District
A completely gut renovated mixed-use buildingat 52 West 21st Street, located on the south side of 21st Street between Fifth Avenue and Avenue of the Americas in the heart of Flatiron’s Ladies’ Mile Historic District was sold in an all-cash transaction valued at $4,300,000.
This five-story, walk-up building is approximately 5,291 square feet and sits on a 15.08’ x 92’ lot. It consists of a ground floor retail unit leased through January, 2021 and four fully renovated floor-through free market apartments above. The site also contains approximately 8,642 square feet of air rights. The sale price equates to approximately $812 per square foot.
Originally built in 1862, the building underwent a complete transformation that included façade work, gut rehabilitation of each floor, and new mechanical systems. All units have individual gas boilers and hot water heaters with separate metering. A Certificate of Appropriateness was issued in February of 2008 allowing the current owner to make alterations to the existing façade which included the installation of new windows, a cornice, and new storefront.
“The demand for renovated buildings in this neighborhood was demonstrated by the high level of interest in this property. It is a true gem and turn-key for the new ownership,” said Massey Knakal Director of Sales Brock Emmetsberger, who exclusively handled this transaction with Vice Chairman and Partner John Ciraulo and Director of Sales Craig Waggner. “Achieving a mid-4% return on all market rents was a great testament to the strength of the investment sales market in Chelsea,” added Emmetsberger.
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.