Massey Knakal Sells Retail And Professional Coop On Central Park South
The remaining 20-years of a master lease controlling a retail and professional cooperative unit at 200 Central Park South, located on the southwest corner of Seventh Avenue and Central Park Southin Manhattan’s Midtown West neighborhood near Columbus Circle, was sold in an all-cash transaction valued at $18,000,000.
The building was built in 1963 as a residential rental property and converted to a cooperative in 1984. It has 309 co-op apartments and the sponsor had retained the ground floor retail and second floor professional space as one co-op unit subject to a 50-year master lease. The cooperative unit is located on the ground and second floors of the building and contains approximately 31,249 square feet. The building’s entrance is beautifully landscaped and spacious and the tenants benefit substantially from their highly visible corner location. The sale price equates to approximately $576 per square foot.
The property is ideally located in the center of New York City’s highest income demographics, Columbus Circle’s tremendous foot traffic, and in close proximity to Lincoln Center and to several subway lines.
“The value of this transaction was driven by the strength of the existing in-place revenue and future upside potential. This stable property has great corner visibility in a prime location on Central Park South, 58th Street and Seventh Avenue, and is a manageable asset with value-add potential,” said Massey Knakal Vice Chairman John Ciraulo, who exclusively handled this transaction with Chairman Bob Knakal and Christoffer Brodhead. “There is existing stable cash flow here and with a renegotiation of the lease term could be a long-term home run for the buyer,” added Bob Knakal.
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.