Massey Knakal Realty Services

Real Estate Weekly, Sept 27, 2000

In an all-cash transaction valued at approximately $925,000, the property at 136 W. 17th St. has been sold, according to a report from Robert A. Knakal, chairman of Massey Knakal Realty Services.

This property is located on the south side of 17th St., between Sixth and Seventh Avenues. It is a 25-foot wide, four-story, mixed-use building, containing approximately 4,400 SF. The zoning of the property is C6-2A as this location falls under the Chelsea Plan, which upgraded the zoning and will allow for as-of-right residential development of up to six times the land area. Therefore, this property was sold with approximately 9,400 SF of air rights in tact. The building contained six one-bedroom apartments and one store. The gross revenue was $80,000, with a net operating income of approximately $49,000. At the sales price of $925,000, this transaction relates to a gross rent multiple of 11.45 times the rent and a capitalization rate of 5.29%

John Ciraulo, a partner at Massey Knakal, exclusively represented the seller.

Massey Knakal Realty Services represented both parties to this transaction.