NEW YORK CITY-A pair of Lower Manhattan mixed-use properties has sold for $28.7 million in separate transactions. Both were part of the 28-building, $250-million Century Portfolio being marketed by Massey Knakal Realty Services, reportedly on behalf of the Gindi family who owns the Century 21 department store chain.
In the larger of the two sales, a 26,723-square-foot building at 360-362 Broadway traded for $23 million. The buyer was not disclosed. It includes eight rental apartments and 5,400 square feet of ground-floor retail, currently subleased to two tenants.
Massey Knakal says in a release that 36-362 Broadway is also potentially part of a larger development site. Based upon its land size of 6,440 square feet and the zoning designation of C6-4A, implying a 10.0 floor area ratio, the building offers a total of 64,440 buildable square feet.
“This transaction was indicative of the current strength of the development market in Manhattan,” says Bob Knakal, chairman of Massey Knakal, in a release. “Ultimately, the highest and best use of this property is as part of a larger site for development.” Knakal handled this transaction with Nick Petkoff, director of sales at Massey Knakal.
Farther downtown, another property in the Century Portfolio changed hands for $5.7 million to an undisclosed buyer. The five-story 106 Greenwich St. contains 16 residential units of about 425 square feet apiece, along with a total of 2,000 square feet of retail on the ground floor.
“We received dozens of offers for this asset which helped us to push up the prices of this wonderful asset,” says Knakal, who once again represented the sellers along with Petkoff.The buyer was represented by Hakimian Properties.
Since the beginning of 2013, at least eight other properties in the portfolio have sold. Although located mainly in Manhattan, the portfolio also included 8-10 Lexington Ave. in Passaic, NJ, which traded for $1.8 million in January. Six mixed-use properties changed hands for $19.25 million this past winter, and 77 Warren St. sold for $7.6 million.
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