Massey knakal Sells Retail Coop Near Herald Square
A ground floor commercial coop at 11 West 30th Street, located between Fifth Avenue and Broadwayblocks from Manhattan’s Herald Square, was sold in an all-cash transaction valued at $1,875,000.
The space contains approximately 2,000 square feet on the ground floor with a 500 square foot mezzanine level and a 980 square foot basement with usable ceiling heights. The unit is currently vacant and in raw condition. The layout consists of a retail store front leading way to a long “L” shaped space with double height ceilings. The mezzanine space is situated above the front/middle portion of the space, which gives way to a large, airy space in the rear of the unit. The sale price equates to approximately $937 per square foot.
With the property being delivered vacant, this provides an ideal opportunity for a commercial user to situate itself amongst one of Manhattan’s fastest rising neighborhoods. The area has been undergoing a tourism renaissance with the openings of The Ace and The Flatiron Hotels.
“The purchaser was a wholesale end-user looking to secure a location in this area which has witnessed extreme tenant diversification over the last few years as well as rent levels that continue to rise within this NoMad/Herald Square corridor,” said Massey Knakal Director of Sales Clint Olsen, who exclusively handled this transaction with Vice Chairman and Partner John Ciraulo.
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.