NEW YORK—Massey Knakal Realty Services has recently closed on the sale of a portfolio of three office buildings for Yeshiva University. The portfolio was sold in all cash transaction valued at $87.5 million.
The most expensive building, 920 Broadway, is a 16-story, pre-war office building located in the heart of Midtown South’s Flatiron District, on the southeast corner of Broadway and East 21st St. The building contains approximately 110,000 net rentable sq. ft. with approximately 96 ft. of frontage on Broadway and 74 ft. of frontage on East 21st Street. The building is located in a M1-5M zoning district allowing for office use or hotel conversion. The price allocation for this building was $58.5 million.
The second property, 9 East 38th Street is a 12-story block-through office building in the heart of Midtown Manhattan, located on the north side of East 38th Street, between Fifth Avenue and Madison Avenue. The building contains approximately 94,000 net rentable sq. ft. with 47.5 ft. of frontage on East 38th Street. The property runs through the block with 25 ft. of frontage on East 39th Street. As an adjunct to this property, there is a three-story, 25-ft. wide, building which provides light and air for the back windows on the 39th Street side that was part of this transaction. The price allocation for these buildings was $29.0 million.
“The office market in the vicinity of 920 Broadway is probably the hottest office district in Manhattan presently. This was evidenced by the overwhelming amount of interest that was generated by these properties in a relatively short amount of time.” stated Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Vice Chairman and Partner John Ciraulo, who added, “The timing couldn’t have been more perfect for these buildings.”
It’s the second group of transactions involving Yeshiva University announced this week. The university also sold a portfolio of buildings to DivcoWest and Brickman for $115 million.