$51m sale shows Garment Center is still investors' favorite.Massey Mas·sey , (Charles) Vincent 1887-1967. Canadian politician who served as high commissioner for Canada in Great Britain (1935-1946) and as governor-general (1952-1959). Knakal Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Services has sold a 16-story commercial building at 330 West 38th Street in Manhattan's Garment Center in a transaction valued at $51,000,000. "This transaction proves once again that investors' confidence in the Garment Center is stronger than ever," said Massey Knakal broker David Kalish The Kalish are a fictional alien race in the Farscape universe. They are mainly represented in the series by the character Sikozu, although she is an abnormal case. , who exclusively represented the seller with chairman Robert Knakal and partner Shimon Shkury. "This building has an excellent future in what will become one of the most sought after residential neighborhoods in Manhattan." Massey Knakal Realty Services and Eastern Consolidated were the brokers in this transaction. The property is located on a 150' x 98.75' lot on the south side of West 38th Street between Eighth and Ninth Avenues. It consists of 125 commercial units over approximately 198,851 square feet. The majority of the units are occupied by a roster of 109 eclectic e·clec·tic adj. 1. Selecting or employing individual elements from a variety of sources, systems, or styles: an eclectic taste in music; an eclectic approach to managing the economy. 2. professionals and artists including two art galleries. Zoning in the area allows for residential conversion, presenting another viable option. All floors have windows on all four sides and boast expansive city and river views from higher floors. The transaction occurred at a capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of 6.77% and a gross rent multiple of 10.55. The property sold for $256.47 per square foot to a Jersey investor. |
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