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

Massey Knakal Sells A Vacant "Lecture Hall" Building In Murray Hill On Behalf Of Yeshiva University

11/29/2012

A vacant lecture hall building owned by Yeshiva University at 237-241 East 34th Street, between Second and Third Avenues in Manhattan’s Murray Hill neighborhood, has been sold in an all-cash transaction valued at $15,500,000.

The property is 50’ wide and contains approximately 17,875 square feet. The unique layout consists of a lecture hall/performing arts theater with two floors of offices and storage rooms through-out. The property is zoned C1-9A/TA (R10A) with an FAR of 10.0, yielding approximately 49,380 buildable square feet. The property is ideally located within the bustling neighborhood of Murray Hill. The sale price equates to approximately $314 per buildable square foot.

“The unique layout of the building and 50’ wide envelope attracted a multitude of high quality users and developers,” said Massey Knakal Partner and Vice Chairman John F. Ciraulo, who exclusively represented the seller with Director of Sales Kobi Leifer and Director of Sales Michael Azarian.  The buyer, which was an undisclosed developer, was represented by Steven Forkosh of Platinum Realty Group LLC.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

11/28/2012 - 17:16

Source

Cushman & Wakefield Capital Markets Group New York

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