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

Massey Knakal Sells Vacant Building In Washington Heights

05/21/2014

A vacant building at 552 West 183rd Street, located between St. Nicholas and Audubon Avenues in Manhattan’s Washington Heights neighborhood, was sold in an all-cash transaction valued at $950,000.

The four-story structure contains approximately 4,753 square feet on a 19’ x 105’ lot and is ripe for redevelopment.  Currently, the property is in need of a gut renovation and holds additional air rights.  New plumbing, piping, electrical, sprinklers, and individual gas boilers and hot water heaters have already been installed.  The sale price equates to approximately $200 per square foot.

The property is located near the bustling Broadway and 181st Street retail corridors and it is surrounded by neighborhood anchors such as Yeshiva University, New York Presbyterian Hospital and George Washington Bridge Bus Terminal. Public transportation is easily accessible via the 1 train stop at West 181st Street.

“Demand for this property was strong with numerous developers vying for the opportunity to capitalize on the increasing rents in the Washington Heights market,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction.

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

05/21/2014 - 08:50

Source

Cushman & Wakefield Capital Markets Group New York

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