Convertors still hungry for good sites

Real Estate Weekly,  Sept 5, 2007  

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A conversion/development site at 136 Church Street in Manhattan's TriBeCa neighborhood was sold by Massey Knakal Realty Services for $30,500,000.

"The market's appetite for conversion and development sites shows no let-up," said Massey Knakal broker Michael DeCheser, who exclusively represented the seller with chairman Robert Knakal.

The seven-story plus mezzanine, 50' x 100' property is located on the southwest corner of Church and Warren Streets. Also known as 37-39 Warren Street, it contains 16 residential units and approximately 37,343 s/f. The proposed building for the site has been designed by SLCE Architects, an internationally acclaimed firm. The design includes luxurious two- and three-bedroom, two-bathroom apartments on the existing floors and three penthouse additions. The retail space at the site is fully leased to paint seller, Janovic, through 2012. Aside from Janovie, the property was delivered vacant. It sold for $816.75 psf to a Long Island developer.

Massey Knakal Realty Services and Henry Feld of Manhattan Luxury Developers were the brokers in this transaction.

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning