The 255,000-sf hotel at 27 West 72nd St. is located on the north side of West 72nd Street between Central Park West and Columbus Avenue. It is a hotel/SRO transient building containing 238 residential units and seven commercial units.
According to Massey Knakal officials, the sale brought in approximately $275 per sf price, a capitalization rate of 3.12% and a gross rent multiple of 10.78.
In another all-cash transaction handled by Massey Knakal valued at approximately $715,000, the properties at 103 & 113 West 138th St. 103 West 138th Street is a 25- by-100 ft vacant lot and 113 West 138th was a 26-by-100 vacant lot.
"The price of vacant lots continues to rise on a monthly basis", notes Shimon Shkury, partner at Massey Knakal who exclusively repped the seller in this transaction and adds the sales were at an approximate price of approximately $41 per buildable sf.
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