Nelson of Massey Knakal reps. seller in the $9.2m sale of five-story bldg.

Massey Knakal Realty Services has sold a mixed-use, five-story walk-up building at 86 University Place on the border of Greenwich Village and Union Sq. in an all-cash transaction valued at $9.2 million. The 24 ft. wide property is located on the west side of University Place between East 11th and East 12th Sts. It contains 7,365 s/f including a Mexican restaurant on the ground, first and second floors and four fair market apartments on floors two through five - a one-bedroom, a two-bedroom and two three-bedrooms. The property also contains 6,933 s/f of unused air rights. The property sold for $1,249 per s/f to a 1031 exchange investor from N.J. Massey Knakal managing director/partner James Nelson exclusively represented the seller. Massey Knakal and Jared Lustbader were the brokers in this transaction.