The transaction consisted of two distinct components. The first was an existing six-story, elevatored building that spans Fifth Avenue's entire western block front between West 116th and 117th streets. Constructed in 1983, the building at 1482 Fifth Ave. contains 120 apartments that were recently marked to market with the US Department of Housing and Urban Development for a new five-year contract.

The deal also includes an L-shaped, 220-foot by 201.83-foot vacant lot, reportedly one of the largest remaining development sites in northern Manhattan. It can accommodate over 180,000 buildable square feet, but the site was marketed with proposed plans from Metrovest that could result in a building as large as 260,000 square feet, according to Massey Knakal.

Shimon Shkury, a Massey Knakal partner who led the sales team, says in the release that because the building and land were priced together, it's not possible to determine the building's cap rate or the price per buildable square foot. "However, based on feedback we obtained while marketing the asset, we're fairly certain that the market price for a parcel this size was about $50 per buildable square foot, a number that's well below peak development site prices," he says. Shkury and Tom Donovan represented Metrovest.