By Al Barbarino
Massey Knakal has sold a three-story building located at 991 Third Avenue (aka 201 East 59th Street). The transaction is valued at $18,420,000 and the price per square foot was approximately $4,039.
“It is rare to find single tenant, triple net leased properties in Manhattan, particularly in a location like this which made it such an attractive offering,” said Massey Knakal Chairman Bob Knakal, who brokered the deal along with Director of Sales Clint Olsen, in a statement.
The three-story retail property, on the northeast corner of East 59th Street and Third Avenue in the Midtown East section of Manhattan, is located directly across the street from Bloomingdale’s department store. The property was leased to Capital One Bank in 2006, which will occupy the ground-lease until 2031.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,000 transactions having a marketvalue in excess of $14 billion.
The firm was unable to reveal the names of the buyer and the seller.