Massey Knakal sells development site in SoHo for $4.95 million; Partner Nelson and SVP of sales Burton handles sale

A development site at 74 Grand St., located between Wooster and Greene Sts. in the city's SoHo neighborhood, was sold in an all-cash transaction valued at $4.95 million. This SoHo development site sits one parcel off the corner on a 25' x 100' lot, and is zoned M1-5B making it suitable for live-work or commercial development. The maximum buildable square feet is approximately 12,500 s/f. The sale price equates to approximately $396 per buildable s/f. Located in the SoHo Cast Iron Historic District, the five-story façade from the previous building has been preserved at Landmark's request for the future project. "We structured this transaction as a sale of the shares in the co-operative corporation that owned this site to create the maximum tax efficiency for our client," said Massey Knakal partner James Nelson, who exclusively handled this transaction with senior vice president of sales Robert Burton. Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.