O'Malley of Massey Knakal brokers $3.1m sale of 1351 Amsterdam Ave.

A 46 ft. wide commercial space at 1351 Amsterdam Ave. near Columbia University was sold by Massey Knakal Realty Services for $3.1 million. The two-story property is located on the east side of Amsterdam Ave. between West 125th and West 126th Sts. The L-shaped space is currently subleased with the master lease expiring on 12/31/07. Located in an M1-1 zone, the property contains 7,380 s/f. A curb cut allows for two-car parking leading to the top floor, and a ground floor parking garage is currently used as storage. The transaction occurred at a capitalization rate of 1.60%. The property sold for $420.05 per s/f. "The building is located a half block from the 125th St. retail corridor and steps from Columbia's proposed 18-acre expansion," said Massey Knakal broker Pat O'Malley, who exclusively represented the seller. "In continuation of upscale retail coming to West Harlem, the new owner will use this building as its upscale florist headquarters." Massey Knakal Realty Services and Lisa Rosenthal of RIPCO Realty were the brokers.