Goldflam of Highcap Group sells mixed-use building for $3.9 million

Manhattan, NY Josh Goldflam, co-founder & principal of Highcap Group, has arranged the sale of the 94 8^th Ave. for an all cash transaction valued at $3.9 million. The seller was Albert Rabizadeh of Global Asset Management and the buyer was the Wang Family.

The property is situated between the West Chelsea and Meatpacking neighborhoods. The property is on the 8^th Ave. retail corridor and has a regional retail tenant of Pay-O-Matic which has over 100 locations throughout the New York area. The upper two floors are occupied by a duplex apartment that can also be reconfigured into two apartments, one with a large rear roof deck. The building consists of 2,950 s/f and has over 3,000 s/f of unused air rights for future development. The retail tenant is on a longer term lease and the duplex apartment was delivered vacant at the time of sale.

“Its becoming more rare these days to be able to acquire mixed-use buildings along the avenues in this particular West Chelsea and Meatpacking area sub-market. Lack of available properties and very high tenant demand has created price points for investments properties that rival any other areas of NYC. This particular property had a very strong cash flowing retail tenant and will provide the new ownership opportunity to further expand the site in the future,” said Goldflam.

The sale price represents $1,322 per s/f on existing square footage and $663 per buildable s/f.