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Massey Knakal Realty Services.

In an all cash transaction valuedat approximately $1.275 million, the property at 438 West 44th Street has been sold according to a report from Robert A. Knakal, chairman of Massey Knakal Realty Services.

The property, a 20' wide, four-story building, is located on the south side of West 44th Street between Ninth and Tenth Avenues. The building was used as a mixed-use facility with medical offices on the first two floors and a floor-through apartment on each of the upper two floors. The building contains approximately 3,680 square feet, and was delivered vacant to the user. The purchaser plans plans on a conversion to single-family utilization.

Christopher Brodhead, who specializes in the Clinton market for Massey Knakal, noted that the Times Square transformation has caused the Clinton market to become highly attractive to many types of property buyers.

Massey Knakal Realty Services represented the seller in this transaction, while the purchaser was represented by William B. May Real Estate.

In addition, the property at 169 Mulberry Street has been sold in an all cash transaction valued at $1 million, according to a report by Robert Knakal.

The property, located on the west side of Mulberry Street between Broom and Grand Streets, is a 25' wide, six-story walk-up apartment building containing approximately 11,250 square feet. There were six rent-controlled apartments and five rent-stabilized units, and the ground floor was delivered vacant at the time of the sale.

Robert Burton, who coordinated the marketing efforts for the seller, noted that the existing rents are so far below market that the property presents great upside potential.

+ Massey Knakal Realty Services represented the seller in this transaction, and the purchaser was represented by Besen And Associates.
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Title Annotation:William B. May Real Estate, Benson and Associates, agents for New York City properties
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NY
Date:May 24, 2000
Previous Article:Goldschmidt & Associates.
Next Article:Gerber/Somma Associates.

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