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

Massey Knakal Sells Townhouse On Upper West Side

04/04/2013

A townhouse at 110 West 87th Street, located between Columbus and Amsterdam Avenues on Manhattan’s Upper West Side – Central Park West Historic District, was sold in an all-cash transaction valued at $3,700,000.

The five-story townhouse with 4-story extension and finished basement contains approximately 5,335 square feet and sits on a 17.5’ x 100’ lot.  It is currently configured as nine apartments of which two are rent stabilized. The nine apartments consist of two ground floor-basement duplexes, three studios, three one-bedrooms, and one floor-through.  The house was built by John G. Prague circa 1887 and possesses elements of both Romanesque and Queen Anne design.  Much of the property’s original detail has been maintained including fireplaces, the wooden staircase, high ceilings, and traditional moldings.  Even though nearly 30% of the house remained subject to rent regulation, the final sale price still equates to approximately $694 per square foot.

“We had a tremendous amount of interest in the house from end-users and investors alike which drove pricing above the asking price. Ultimately we secured an all-cash buyer who closed on the property within a week of signing a contract,” said Massey Knakal First Vice President of Sales Hall H. Oster, who exclusively handled this transaction with Partner James P. Nelson.

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

04/04/2013 - 10:00

Source

Cushman & Wakefield Capital Markets Group New York

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