A multifamily property at 527 West 48th Street, located between Tenth and Eleventh Avenues in Manhattan’s Midtown West neighborhood, was sold in an all cash transaction valued at $3,825,000.
The five-story property is approximately 9,250 square feet and sits on a 25’ x 100.42’ lot. There are twenty residential units – eleven one-bedroom units and nine studios. Of the twenty units, 14 are free market, five are rent stabilized and one is rent controlled. A building-wide renovation program transformed this old law tenement building into a modern apartment building with highly attractive and desirable residential units. The sale price equates to approximately $416 per square foot.
“This is the second time Massey Knakal has sold this nicely renovated property,” said Massey Knakal Director of Sales Christoffer Brodhead who exclusively handled this transaction. “It’s a great location in an emerging residential neighborhood,” added Brodhead.
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Neighborhoods: Midtown West