Massey Knakal Arranges $87.5 M. Sale On Behalf of Yeshiva University
Al Barbarino Feb. 26, 2013, 7:45 a.m.
Massey Knakal has sold a portfolio of three office buildings on behalf of Yeshiva University for $87.5 million, The Commercial Observer has learned.
The 16-story, pre-war office building at 920 Broadway – in Midtown South’s Flatiron District – has roughly 110,000 rentable square feet and accounted for $58.5 million of the transaction. It features 96 feet of footage on Broadway and 74 feet along East 21st Street and the corner building is zoned for office and residential development.
The 12-story block-through office building at 9 East 38th Street in the heart of Midtown has about 94,000 rentable square feet, with 47.5 feet of frontage along East 38th Street and 50 feet of frontage on East 39th Street. A three story, 25-foot-wide adjunct building provides half of the frontage along 39th Street, with the two buildings netting the remaining $29 million of the transaction.
“The office market in the vicinity of 920 Broadway is probably the hottest office district in Manhattan presently,” said Massey Knakal Chairman Bob Knakal, who exclusively handled the transaction with John Ciraulo. “This was evidenced by the overwhelming amount of interest that was generated by these properties in a relatively short amount of time.”
Massey Knakal sold a former Yeshiva University lecture hall at 237-241 East 34th Street in Murray Hill in November for $15.5 million, The Commercial Observer previously reported.
The 4-story, 17,875 square foot building between Second and Third Avenues holds a 359-seat lecture hall, with offices, storage and utility rooms on the upper floors and in the basement. That property lies at one of many intersections where the Metropolitan Transportation Authority plans to construct an entrance, or exit, to the Second Avenue Subway, which is under construction and has been in planning for three decades.
Massey Knakal did not identify the buyer in the transactions.