(Save the date: RealShare New York comes to the Grand Hyatt, New York, NY, October 9.)
New York City
Massey Knakal Realty Services has been exclusively retained to sell a 60,000-square-foot office building home to the city’s Department of Human Resources at 4055 Tenth Avenue in Inwood, GlobeSt.com has learned from MK’s chairman Bob Knakal and director of sales Robert Shapiro. The building, located on the northeast corner of East 216th Street, is going for an asking price of $35 million.
According to Real Capital Analytics, the single-story, Upper Manhattan office building was acquired by White Plains, NY-based REIT Acadia Realty Trust from seller Rossrock LLC in 2005. In a statement, Knakal says the city’s lease provides strong rents, as well as “generous reimbursement provisions” to protect potential investors from growth in operating expenses. And in addition to the long-term government lease, the building’s roof is also leased to a long-term parking operator, which Knakal notes as a “unique opportunity” to acquire a property that generates “long lasting cash flows with reliability comparable to government bonds, but at significantly higher yields.”
Further down in Midtown, MK has also been exclusively retained to sell a commercial building located at 149 W. 27th St. located on the north side of West 27th Street between Sixth and Seventh Avenues in Chelsea. The four-story building – ideal for a new user or a development opportunity, says Knakal – features 27,570 square feet of buildable square feet.
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In the East Village, a group of five-story, walk-up apartment buildings at 521-523 East 12th Street has traded for $10.9 million to a local investor through Eastern Consolidated. EC’s senior director Adelaide Polsinelli represented the seller El-Lou Holdings and procured the buyer JMS Village in the all-cash sale of the two buildings, located between Avenues A and B.
Totaling 36 units overall, Polsinelli says more than half of the apartments are rent stabilized, and the new owner will benefit from “substantial financial upside” when leases expire and will be able to re-lease at market rates. “When a rent stabilized unit becomes available, it quickly assumes an overly inflated value, since demand so exceeds supply,” she says, in a statement. “This is what we are seeing in the East Village now, where rents are much higher than they are on the Upper East Side, given the influx of the local student population, and the huge desire to live in an area that is young, trendy, hip with so many boutiques, ethnic restaurants and a vibrant night life.”
The property features four retail stores, including family-owned caf
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