Jumbo Harlem development site sold

Real Estate Weekly,  Oct 17, 2007  

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A five-story vacant loft building with adjacent vacant land at 2269 First Avenue in Harlem was sold by Massey Knakal Realty Services in an all-cash transaction valued at $11,500,000. The 61' x 142' irregular property was originally constructed as a school in the 1890s and contains approximately 65,598 bsf.

It sold for $175.31 per bsf to a Manhattan developer looking to convert the structure and build the remaining air rights for luxury condos or rentals with retail.

This was one of the largest development sites to trade in Northern Manhattan this year.

"The property boasts a magnificent Beaux Arts facade and 14-foot-high ceilings," said Massey Knakal managing director/partner Shimon Shkury, who exclusively represented the seller with managing director/partner James Nelson. "The fact that the owner is considering rentals is a new trend to East Harlem."

Massey Knakal also announced the sale of St. Vincent's Medical Assemblage--three adjacent properties with a mix of commercial and medical space and vacant land in Staten Island in a transaction valued at $7,575,000.

"After a four-week campaign we had 39 offers and almost doubled the asking price," said Massey Knakal broker Joe Sitt, who exclusively represented the seller with founding partner and chief executive officer Paul Massey.

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning