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

Massey Knakal Sells Upper West Side Elevator Building

01/10/2013

An apartment building at 220 West 71st Street located between Broadway and West End Avenue on Manhattan’s Upper West Side was sold in an all-cash transaction valued at $21,150,000.

The 53 foot wide, pre-war, elevatored apartment building has nine stories plus penthouse and contains approximately 38,463 gross square feet above grade. With 37 residential units and two ground floor professional spaces, layouts consist of 29 large one-bedroom units and 8 two-bedroom apartments. Of these units, 16 were rent stabilized, 6 rent controlled, and 15 were fair market units. Apartment sizes average over 880 net rentable square feet each. The sale price equates to approximately $550 per square foot.

“Spectacular product,” said Massey Knakal Senior Vice President of Sales Paul B. Smadbeck, who represented both parties in the transaction. “Superiorlocation, large apartments, and tremendous upside – a very rare find in today’s market,” he added.

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

01/09/2013 - 18:50

Source

Cushman & Wakefield Capital Markets Group New York

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