(Read more on the multifamily market.)
NEW YORK CITY-Sdg Management has sold a four-story loft building at 105 E. 9th St. in Manhattan's East Village for $4.4 million, GlobeSt.com has learned. Queens investors David and Cindy Fu purchased the 30-foot by 46-foot building.
The property is located on the north side of East 9th Street between Fourth and Third avenues. The loft property contains approximately 5,520 sf. All the units on the second, third and fourth floors are vacant, the source explains, so there is an opportunity to renovate.
The building comes with shared rights to the adjacent alleyway, Lafayette Court, and approximately 2,760 sf of air rights assuming commercial or mixed-use. The transaction occurred at a cap rate of 5.8%. The property sold for $797.10 per sf, which a source close to the deal tells GlobeSt.com is above market average.
"This property attracted interest from both the residential and commercial side, as well as investors and developers," notes Massey Knakal broker James Kinsey, who exclusively represented the seller with chairman Robert Knakal. "The purchaser was a 1031 buyer who viewed it as an investment." Massey Knakal Realty Services was the sole broker in this transaction.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
