Nelson of Massey Knakal Realty Services has completed a $20.5 million building sale

Massey Knakal Realty Services has sold a mixed-use, elevatored apartment building at 204-08 West 14th Street in the Greenwich Village for $20.5 million- $500,000 over the asking price. The 75 ft. wide property is located on the south side of 14th Street between Seventh and Eighth Avenues. It contains 52 rent stabilized units, of which 14 are one-bedrooms and the remainder, studios. There is also an office for the building manager in the basement, which may be converted to a super's unit or a lower level for the above apartment. The ground floor contains retail. In total the property contains 34,344 s/f. The transaction occurred at a capitalization rate of 3.29% and a gross rent multiple of 21.32. It sold for $596.90 per square foot to a Westchester management company. "Tremendous upside exists in the property, as the average overall residential rent per net square foot is about $22 in a market that averages over $60," said Massey Knakal partner/managing director James Nelson, who exclusively represented the seller. "The retail portion also offers significant upside, with rents averaging just $71 per net s/f in a market commanding upwards of $175 for smaller stores." Massey Knakal Realty Services and Joel Radmin of Extreme Realty were the brokers.