(Read more on the multifamily market.)
NEW YORK CITY-A six-story, mixed-use loft building at 29 W. 21st St. on the border of Chelsea and the Flatiron District in Manhattan was sold by Massey Knakal Realty Services in an all-cash transaction valued at $8.6 million. A spokesperson for the company tells GlobeSt.com that the property was sold by Dennis and Matthew Diamond of Boyess Realty Inc.
The buyer was Nicolas Oudin of Gaveco Real Estate Inc. in Manhattan, the spokesperson says. The seller listed no reasons for selling, the spokesperson explains.
The 25-foot-wide property is located on the north side of West 21st Street between Fifth and Sixth avenues. The building is comprised of the Lonesome Dove Western Bistro restaurant on the ground floor and five floor-through loft units above. The upper floors could be delivered vacant. The property contains approximately 13,949 sf above grade and an additional 11,231 sf of air rights. The property lies in the Ladies' Mile Historic District, so additions would require Landmark's Commission approval.
"The buyer was looking to take full advantage of working with the Landmark's Commission to gain approvals to add several floors to the existing structure so the building can eventually be converted to residential condos," the spokesperson tells GlobeSt.com. The property sold for $616.53 per sf to the Manhattan converter.
"This neighborhood has seen a tremendous surge in demand for vacant buildings since they're prime for condo conversion," says Massey Knakal CEO John Ciraulo, who exclusively represented the seller. The transaction occurred at a capitalization rate of 4.6%.
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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.
