DeCheser of Massey Knakal brokers $5 million sale of corporation shares at 47 Clinton Street

The corporation shares of a mixed-use building at 47 Clinton St., located between Stanton and Rivington Sts. on the Lower East Side, were sold in an all-cash transaction valued at $5 million. The five-story building contains approximately 9,625 s/f and sits on a 25' x 100' lot. It consists of two stores, five rent stabilized apartments, one free market apartment, and two vacant apartments which encompass the entire top floor. All of the units are sub-metered for gas and electric and the stores are individually metered for water. The building has a small rear yard and benefits from great light and air. The sale price equates to approximately $519 per s/f. "In situations where property is held in a C-Corporation, if the owner sells the corporation vs. the real estate, they avoid double taxation. In this case, the seller sold the C-Corp and ultimately netted more proceeds than if they sold fee simple," said Massey Knakal's Michael DeCheser, who exclusively handled this transaction.