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

Massey Knakal Sells Two Retail Condominiums In Midtown

03/28/2014

Two retail condominiums situated in Barbizon/63 at 817 Lexington Avenue, located on the corner of Lexington Avenue and East 63rd Streetin Manhattan’s Midtown neighborhood, were sold in an all-cash transaction valued at $48,200,000.

The fully-leased condominiums consist of the ground floor, second floor, cellar, and two sub-cellars of Barbizon/63, a landmarked luxury condominium property embodying a blend of Late Gothic Revival and Italian Renaissance.  They total approximately 47,197 square feet and feature over 178 feet of frontage on the corner of Lexington Avenue and East 63rd Street.  Equinox controls both retail condominiums with long-term leases, of which they sublease a portion to SoulCycle. Interestingly, the majority of the space was below grade.The sale price equates to approximately $1,021 per square foot or a 2.3% cap rate.

Situated in a premier retail location, these condominiums are surrounded by national tenants including Bloomingdale’s, Levi’s, Diesel, H&M, Crate & Barrel, Urban Outfitters.

“We had tremendous interest in the properties, which, along with the price, is a testament to the growing strength of the Lexington Avenue retail market just north of Bloomingdale’s,” said Massey Knakal’s Clint Olsen, 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 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

03/28/2014 - 09:11

Source

Cushman & Wakefield Capital Markets Group New York

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