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

Massey Knakal Sells Second Floor Retail Condo In The Alexander

10/03/2012

A retail condominium unit on the second floor of The Alexander Condominium, located at 915-919 Second Avenue in Midtown Manhattan, was sold in an all-cash transaction valued at $6,250,000.

The space is approximately 6,700 square feet and is leased out to two tenants. World Vision, a Christian humanitarian organization dedicated to working with children, families, and their communities worldwide to reach their full potential by tackling the causes of poverty and injustice. World Vision is a global organization with offices in approximately 100 countries. The second tenant is Continental Retail, a full service dental office. The Alexander, a new 24-story luxury residential condominium building, comprises 77 apartments, a 24-hour doorman and concierge, a fitness center, a landscaped roof terrace, and private storage. The sale price equates to approximately $934 per square foot and a 7.43% cap rate.

“We are pleased to have concluded the last of four retail condo sales at The Alexander. This includes the retail corner which has TD Bank which we sold last year for $11,100,000, the Medrite Condo which we sold for $3,850,000, and the lower level which we sold for $750,000 earlier last year. Each sale needed to cater to a specific type of investor so we were happy to be able to see this through, “Massey Knakal Partner James P. Nelson who exclusively handled this transaction with Director of Sales Clint Olsen.

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

10/03/2012 - 19:46

Source

Cushman & Wakefield Capital Markets Group New York

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