The walk-up properties are located on the south side of West 14th Street, just east of Eighth Avenue, and have a combined frontage of 46 feet and approximately 12,436 sf.
Massey Knakal Realty Services was the sole broker in this transaction. Sources close to the deal declined to comment on why the property was put on the market, but tell GlobeSt.com that the buyer was attracted to the property's location.
"The desirable retail and residential location caused the end buyer to request a simultaneous sit down contract signing and closing," says Massey Knakal CEO John Ciraulo, who exclusively represented the seller with partner James Nelson.
Both buildings contain two floors of commercial space. The ground-floor bar at 252 W. 14th St. has a demolition clause in its lease, while the store in 250 W. 14th St. is vacant.
The upper floors contain nine residential units, four of which are rent stabilized and five that are free market. Additionally, there are approximately 10,978 sf of air rights which could be transferred to an adjacent development.
The transaction occurred at a capitalization rate of 5.36% and a gross rent multiple of 15.30. The properties sold for $854.37 per sf to a 1031 investor from Manhattan.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
