Massey Knakal Sells SoHo Mixed-Use Building
78 Grand Street, a prime mixed-use loft building located between Wooster and Greene Streetsin Manhattan’s SoHo Cast Iron Historic District, was sold in an all-cash transaction valued at $15,600,000.
The five-story elevator-serviced former co-op building contains approximately 11,975 square feet and sits on a 25’ x 100’ lot. It consists of a ground floor retail space and four full-floor upper lofts in excess of 2,000 square feet each. The retail tenant had a short lease term remaining and was paying a substantially below-market rent.
“At roughly $1,300 per square foot for an essentially non-stabilized building, this transaction demonstrates the continued strong demand for well-located property in SoHo," said Massey Knakal’s Paul Smadbeck,who exclusively handled this transaction with colleague Robert Burton. “When both the buyer and the seller want to get a transaction done, things progress smoothly. Both parties in this sale were very pleasant and worked together to accomplish the sale in a very timely manner,” added Burton.
Massey Knakal is a diversified real estate company, exclusively representing owners in the sale, retail lease and financing of their properties. With over 200 employees, four offices and thorough coverage of New York City’s five boroughs, Westchester County, Long Island and New Jersey, Massey Knakal has dominated the New York metropolitan area for the last two decades by providing premier real estate brokerage and advisory services. Leveraging our proprietary Territory System™, our agents have partnered with owners throughout our markets to close over 5,000 transactions, with an aggregate value in excess of $21 billion since 1988. www.masseyknakal.com