Mixed-Use Building on 14th Street Sells for $7.25M
Gus Delaport Feb. 26, 2014, 7:30 a.m.
Massey Knakal has arranged the $7.25 million sale of a mixed-use building at 238 West 14th Street.
S3 Realty LLC has acquired the building from Upper Waverly, Inc., according to public records. The transaction, a 1031 exchange, went to contract in December and closed earlier this month.
The five-story, 9,600-square-foot building is located between Seventh and Eighth Avenues and boasts 11 residential units, seven of them rent stabilized. In addition, the property includes a fully renovated carriage house. The approximately 1,000-square-foot carriage house, delivered vacant, is separated from the main building by a landscaped courtyard and is expected to command rent of approximately $8,500 per month, according to a marketing brochure.
“I imagine the buyer would go in renovate apartments as they become vacant and find a tenant for the retail, then you have a nice carriage house in the back that you can configure into something with more bedrooms to maximize rents there,” John Ciraulo, vice chairman at Massey Knakal, told Commercial Observer.
The building also features 1,366 square feet of vacant retail space which is projected to rent for $108,000 per year. The space, a formerly occupied by a gallery, is located slightly below grade.
“The buyer will also be able to capitalize on the vacant retail on one of the most heavily trafficked locations at the crossroads of three of Manhattan’s most vibrant and culturally rich neighborhoods: the West Village, Chelsea, and the Meatpacking District,” added James Nelson, in the statement.
Messrs. Ciraulo and Nelson brokered the sale with Craig Waggner.