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

Residential Development Site in East Harlem Sold by Massey Knakal

05/30/2012

A residential development site at 329 Pleasant Avenue, located between East 117th and 118th Streets in Northern Manhattan’s East Harlem neighborhood, was sold in an all cash transaction valued at $1,125,000.

The site is 30.5’ wide and 143’ deep and is approximately 15,000 buildable square feet. The site is located in a rapidly developing neighborhood and benefits from its close proximity to the 116th Street retail corridor, the recently completed East River Plaza and the planned Second Avenue subway line. The sale price equates to approximately $75 per buildable square foot.

“This sale is a prime example the strong demand for high quality locations.  East Harlem is currently experiencing a renaissance attracting high paying renters and condominium buyers,” said First Vice President of Sales Robert Shapiro who exclusively handled this transaction with Massey Knakal Partner Thomas A. Donovan.

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

05/30/2012 - 14:03

Source

Cushman & Wakefield Capital Markets Group New York

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