Massey Knakal announced the following sales:
* A retail strip at 1 Great Neck Road in Great Neck Plaza, NY, was sold for $6,850,000. The two-story, fully-leased strip contains 12,800 s/f and consists of six retail and nine office units, containing mostly long-standing tenants. The sale price equates to approximately $535 per square foot, a 5% caprate and 13 times gross rent multiple. Stephen R. Preuss handled this transaction.
* A commercial building at 161 East 32nd Street in Murray Hill sold for $3,600,000. The vacant two-story building sits in a residential zoning district (R8B) but has a commercial certificate of occupancy allowing an opportunity to continue use as an office building or the possibility for conversion. The building had been owner-occupied for many years for use as a telephone communication systems business. The sale price equates to $763 psf. John F. Ciraulo and Craig M. Waggner sold the property to an ophthalmologist with a flourishing business that needed more space.
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|Title Annotation:||SALES; Massey Knakal's marketing of Commercial buildings|
|Comment:||Massey Knakal.(SALES)(Massey Knakal's marketing of Commercial buildings)|
|Publication:||Real Estate Weekly|
|Article Type:||Brief article|
|Date:||Apr 9, 2014|
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