A mixed-use building at 22 East 13th Street, located between Fifth Avenue and University Place, was sold in an all cash transaction valued at $4,825,000.
The five-story building is approximately 4,099 square feet and sits on a 22’ x 79.75’ lot. The building consists of a two level restaurant space occupied by City Tavern, which is leased until 2016. There are five residential units above consisting of two studios, two one-bedroom units and one two-bedroom unit. The residential rents are all fair market with below market rents. The sale price equates to approximately $1,177 per square foot or a 4.8% cap rate.
After calling for final bids within the first few weeks of marketing, 21 offers were received. The property ultimately sold at $575,000 over asking price.
“There is tremendous demand for investment properties which are under $5 million, especially for properties with retail and fair market tenants,” said Massey Knakal Partner James P. Nelson who exclusively handled this transaction along with his sales team which includes Mitchell Levine, Caroline Hannigan, and Matt Nickerson.
J.P. Thompson, from JP Thompson Associates, Inc. managed the property and consulted the owner throughout the sales process. “James Nelson and his team came to the marketing process with a solid core of users and investors. Our building sold at a considerable amount over asking and we credit the skillful team at Massey Knakal for facilitating that end result,” she said.
Trevi Retail purchased the property with Rockie Gajwani, President and CEO, and Johnny McCarthy, Chief Investment Officer, spearheading the purchase. “Trevi moved with lightening speed and ultimately contract closed. They were a pleasure to deal with,” Nelson said.
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Neighborhoods: East Village/ Agents: James Nelson