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Massey Knakal Sells Renovated Townhouse in Historic District on Upper West Side

06/26/2012

A multifamily building at 345 West 84th Street, located between Riverside Drive and West End Avenue in the West End Historic District on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $3,200,000.

The five-story property is approximately 5,295 square feet and sits on a 17’ x 102’ lot.  The building contains ten apartments, of which, seven are free market and three are rent stabilized. Most of the free market apartments have been nicely renovated with much of the original detail left in-tact. The apartments consist of one two-bedroom unit with garden access, two one-bedroom units, and seven studios.  The basement level is currently vacant and was previously used as the bottom floor of a duplex apartment which could be easily connected to the lower three floors to create a spacious owner’s triplex. Additional features include a new gas-fired boiler with a state of the art Watchman Heat Control System, two hot water heaters, individual electric meters for each apartment, and a bulkhead with stairs leading to the roof. The property possesses approximately 1,650 square feet of additional air-rights. The sale price equates to approximately $604 per square foot.

“Townhouse supply on the UWS remains very tight and ultimately we had multiple parties vying to purchase the property. The townhouse is on a terrific block and provides flexibility for a buyer to immediately create an owner’s unit while continuing to collect rent from the additional apartments,” said Massey Knakal Director of Sales Hall Oster who exclusively represented the seller in 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 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

06/26/2012 - 11:50

Source

Cushman & Wakefield Capital Markets Group New York

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