Massey Knakal Arranges Canal Street Record Breaker
Al Barbarino Nov. 7, 2013, 4:23 p.m.
Massey Knakal has arranged the sale of two Chinatown office buildings that the firm said broke the previous price per square record for an office building on Canal Street.
Isaac and Joseph Oved of The Oved Group purchased the adjacent office buildings, at 40-42 Elizabeth Street and 159-165 Canal Street, at the corner of Elizabeth and Canal Streets, for $33.6 million.
The combined 29,425 square feet — roughly 24,425 at the Elizabeth Street property and 5,000 on Canal Street — equates to just under $1,142 per square foot, which is a record for Canal Street.
“This was a fantastic transaction because both the sellers and the buyers were able to walk away feeling good,” said Massey Knakal CEO Paul Massey, who exclusively handled this transaction with Robert Burton and Nick Petkoff, in a statement.
“Because we were able to sell the properties together, the buyers saw more potential to unlock value and were willing to pay a premium for each property, allowing us to set a record price per square foot for Canal Street and achieve 15 percent above-market for a side street in the neighborhood,”
The property at 40-42 Elizabeth Street is a five-story renovated office building with roughly 24,425 square feet on a 50-foot by 100-foot lot. It features two ground floor retail stores with 16 office units above, and the basement is used for storage and mechanicals for the building.
The property at 159-165 Canal Street is a two-story building with approximately 5,000 square feet on a 100-foot by 25-foot lot. It consists of six ground floor retail tenants anchored by First Republic Bank, with office tenants above.
The firm did not respond to requests for further comment in time for publication.