Shkury and team of Massey Knakal complete two sales totaling $4.15m

Real estate broker Shimon Shkury and his Northern Manhattan team have completed the sale of two East Harlem development sites for a total of more than $4 million. One, a two-story structure at 228 East 125th St. between Second and Third Ave., was sold by Shkury's team to The Church of Scientology for $1.7 million. Doug Furer of Mariner Real Estate Services represented the buyer. Though the building is currently leased to Pantane Printing Press, the property offers over 13,600 buildable s/f for future development now that the maximum building height allowed on 125th St. has increased due to the recent rezoning. The second property at 168-70 East 112th St. is a 41.67 foot wide plot of vacant land located between Lexington and Third Aves. Sold to a local investor for $2.45 million, or $145 per buildable s/f, the buyer plans to eventually build a new residential building on the site. "While properties may linger on the market for longer periods of time, buyers for development sites in Harlem remain active," said Shkury, a partner at Massey Knakal Realty Services. "For owners looking to sell, now it is more important than ever for them to hire a marketing team capable of casting the widest possible net in hopes of catching the perfect buyer. Thankfully, my team and I have established that level of service."