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

Massey Knakal Sells Vacant School Building On The Upper West Side

10/28/2014

A vacant school building at 555 West End Avenue, located on the corner of West End Avenue and West 87th Street on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $50,000,000.

The seven-story elevatored building sits on an 80.71’ x 100’ lot and contains approximately 42,000 square feet. Originally constructed as a school around the turn of the 20th century, it most recently served as St. Agnes High School and was vacated following the 2012/2013 academic year. It features large floor plates lined with windows, soaring ceilings, ample potential amenity space, and the possibility of adding additional square footage atop the building. It lies within an R10A zone and possesses approximately 39,000 square feet of additional air rights. The sale price equates to approximately $1,190 per square foot.

The building is situated on Manhattan’s Upper West Side, known for its cultural amenities, fine dining, exclusive shopping, and convenient public transportation options.

“The land market has been on fire, and the redevelopment market is equally hot. Developers are very, very optimistic about the future of the market,” said Massey Knakal Chairman Bob Knakal, who exclusively represented the seller in this transaction with Hall Oster. The buyer was represented by Stan Putko of Orenda Estates.

www.masseyknakal.com

10/28/2014 - 16:05

Source

Cushman & Wakefield Capital Markets Group New York

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