Ciraulo and Waggner of Massey Knakal broker $3.6 million sale of 161 East 32nd Street

A commercial building at 161 East 32nd St., located between Lexington and Third Aves. in the Murray Hill neighborhood, was sold in an all-cash transaction valued at $3.6 million. The vacant two-story building contains approximately 4,719 s/f and sits on a 25' x 98.75' lot. It sits in a residential zoning district (R8B) but has a commercial certificate of occupancy allowing a unique opportunity to continue use as an office building or the possibility for conversion to its districts conforming use of residential. The air rights from the property had been sold, eliminating any future development potential. The building had been owner-occupied for many years for use as a telephone communication systems business consisting of offices, workstations, showrooms and storage throughout. The basement is built a full 98.75 feet on the lot with a separate street access and high ceilings, providing excellent storage or back office space. The sale price equates to approximately $763 per s/f. This property is located in the vibrant and highly desirable Murray Hill/Kips Bay neighborhoods, steps from the Lexington Avenue subway line. "With multiple offers near the asking price from end-users, this sale demonstrates how rare it is to find a one or two-story building without any air rights where a local business owner can actually have a chance to compete to purchase a building in Midtown. Typically these buildings have unused air rights and the end-user loses out to the developer," said Massey Knakal's John Ciraulo, who exclusively handled this transaction with Craig Waggner. "The purchaser was an ophthalmologist with a flourishing business that needed more space, had been looking for years to buy something and needed to be in the area where his patients are located. Once renovated, and with possibility to rent out the second floor, this property will prove to be an excellent work/investment opportunity," said Waggner.