A mixed-use building at 37 Crosby Street, located between Broome and Grand Streets in SoHo, one of Manhattan’s most desirable neighborhoods, was sold in an all cash transaction valued at $4,375,000.
The seven-story building is approximately 8,620 square feet and 25 feet wide. There is a retail space on the ground floor and twelve apartments above. Due to a fire in the top floor apartment, the entire building is currently vacant and in need of renovation. Upon completion of renovations, two rent stabilized tenants plan on returning to the building. The sale price equates to approximately $507 per square foot.
“It was a pleasure to work with such great people on this project,” said Massey Knakal Senior Vice President of Sales Robert Burton who exclusively handled this transaction. “37 Crosby Street presented a unique opportunity to potential buyers. When owner Bob Kahn called, I knew we could get him many offers quickly. Since the building has unusually large apartments and, once renovated, all but the top two apartments will be free market, competition was intense. Todd Cohen and Terrence Lowenberg of Icon Realty Management went the extra mile and have great plans for this little SoHo jewel,” added Burton.
Click here for press release
Neighborhoods: SoHo/ Agents: Robert Burton