Ciraulo of Massey Knakal and Nickman of Bellmarc West sell ground floor retail condo

225-227 East 24th Street - Manhattan, NY


John Ciraulo

Manhattan, NY Massey Knakal Realty Services has sold a ground floor retail condominium within a five-story newly converted residential condo building at 225-227 East 24th Street in Manhattan's Gramercy Park neighborhood in an all-cash transaction valued at $2.65 million.

The nearly 100 year old property is located on the north side of East 24th Street between Second and Third Avenues. The retail unit contains approximately 3,075 square feet on the ground floor and 1,925 square feet in the cellar with access to street level. The space has 12-foot ceilings, a new storefront and entranceway and upgraded utilities. The building was converted to condos in 2006. The unit sold for approximately $530 per square foot to a Manhattan architect.

"As more and more users are deterred from surging rental rates across the city, there has been an increase in demand for business owners to purchase such retail or commercial condos while interest rates are still favorable," said Massey Knakal vice chairman John Ciraulo, who exclusively represented the seller. Massey Knakal and Alan Nickman of Bellmarc West, LLC were the brokers in this transaction.