Knakal, Ciraulo and Waggner of Massey Knakal broker $24.6 million sale in Manhattan

The 142 year old landmarked property at 901 Broadway, located in the Flatiron District, was sold in an all cash transaction valued at $24.6 million. The five-story, 14,336 s/f building, which was the original home of the Lord & Taylor Dry Goods Store, traded for $1,716 per s/f at a 5.6% cap rate. The property was sold to a Spanish investor. In October 2006, the property was sold by Massey Knakal to Thor Equities for $17.375 million. The 7,000 s/f ground floor is occupied by a high-end fashion retailer, Miss Sixty, who signed the lease early in 2007. Floors two through four are occupied by a gallery tenant who originally signed a lease for the second floor at $70 per s/f before deciding to take over the third and fourth floors at $62 per s/f. The vacant penthouse has a mansard roof, which can be incorporated to add additional space to the already spectacular fifth floor penthouse. "This sale, at a very high price per s/f, is a good sign for the market which is sorely in need of good signs," said Robert Knakal, chairman and founding partner of Massey Knakal Realty Services. Knakal; John Ciraulo, vice chairman; and Craig Waggner, director of sales, of Massey Knakal represented Thor Equities.