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

Massey Knakal Sells Residential Condo Development Project Located In West Harlem

01/02/2014

A residential condominium development project at 369 West 126th Street, located between Morningside and St. Nicholas Avenues in Manhattan’s West Harlem neighborhood, was sold in an all-cash transaction valued at $3,400,000.

This five-story 11-unit elevator boutique residential development project contains approximately 8,593 square feet and sits on a 25’ x 99.92’ lot.  The property is approximately 80% complete and can serve as either a condo building or multifamily rental asset.  It will boast five studios, two one-bedroom, and four two-bedroom apartments, including a penthouse unit with two balconies and exclusive access to the rooftop.  The property also benefits from a 15 year 421a tax exemption.   The sale price equates to approximately $396 per square foot.

David Shavolian, in partnership with Crosby Capital, hired Massey Knakal to sell the building.

This property is ideally situated on a cozy residential street, one block north of the 125th Street commercial corridor and around the corner from the A, B, C, and D subway lines on 125th Street and St. Nicholas Avenue.  It is located only 15 minutes from midtown and within walking distance to the Columbia University expansion project. 

“After marketing the property for several months, we had multiple offers and we were able to secure a local buyer who intends on completing the construction of the building.  The sellers were happy with Massey Knakal’s process, which resulted in a favorable sale price of almost $400 per square foot,” said Massey Knakal’s Lev Kimyagarov, who exclusively handled this transaction with Josh Lipton.  “With condominium sell-out values in Harlem exceeding $700 per square foot in certain locations, this acquisition represents a terrific investment opportunity for the purchaser,” added Josh Lipton.

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

01/02/2014 - 13:45

Source

Cushman & Wakefield Capital Markets Group New York

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