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

Massey Knakal Sells Turn-Key Pre-School Facility

02/14/2013

A pre-school facility at 127 West 94th Street, located between Amsterdam and Columbus Avenues on Manhattan’s Upper West Side was sold in an all-cash transaction valued at $3,800,000.

This 16' wide, four-story plus basement building is approximately 3,900 square feet above grade. The property had been owned and operated by a pre-school since 1939 and at the time of sale was being net-leased to another school through mid 2015. The building was fully renovated between 2005 and 2006 for use as a modern pre-school facility. Improvements to the property include facade re-pointing, a multi-zoned HVAC system, roof top and rear yard playgrounds, an indoor staircase finished with bluestone, and additional windows on the building's rear facade which provide natural light to the classrooms. Each floor had been designed to serve as a separate classroom and can accommodate a maximum of 25 students and 3 instructors. The sale price equates to approximately $974 per square foot.

“After an extensive city-wide search we were able to identify the perfect end-user for the property. The buyer, another educational facility, was searching for a permanent home and had the flexibility to wait until the expiration of the lease to take possession,” said Director of Sales Hall Oster who exclusively handled this transaction with Chairman 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 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

02/13/2013 - 18:38

Source

Cushman & Wakefield Capital Markets Group New York

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