8/28/2008

Massey Knakal completes sale of six-story SoHo loft

by Michael Wayne

231 Bowery

Massey Knakal Realty Services' broker Robert Burton represented the seller of a six-story, 50-foot wide loft building in Manhattan's SoHo neighborhood in an all-cash transaction valued at $18.6 million.

The property was on the market for more than four years.

Next to the newly built New Museum of Contemporary Art, the fireproof loft building spans 47,067 square feet. The property will be vacant six months from selling, save for three rent stabilized artist spaces, as the seller relocates.

The buyer is an undisclosed Manhattan non-profit organization.

After four-and-a-half years on the market and series of bidding wars, the property sold for $4.6 million over the asking price.

Massey Knakal Realty Services was the sole broker in this transaction.

Address: 231 Bowery, Manhattan, N.Y.

Size: 47,067 square feet

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Filed Under: Mixed Use

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