Burton of Massey Knakal sells three-story SoHo bldg. for $11.775m

Massey Knakal Realty Services has sold a three-story commercial property at 180-182 Bowery in the SoHo neighborhood in an all-cash transaction valued at $11.775 million. The 50-foot-wide property is located on Bowery between Spring and Kenmare Sts. The property contains 10,750 s/f, but has 30,000 buildable s/f. It falls in the Little Italy special use district with potential for commercial, residential and community facility use. The property sold for $392.50 per buildable s/f to a local investor. "The complications of time deadlines, personal commitments, summer vacations and a very difficult credit environment made this deal a nail biter to the very end," said Massey Knakal broker Robert Burton, who exclusively represented the seller. Massey Knakal was the sole broker in this transaction.