A two-story retail/office building at 157 East 25th Street, located between Lexington and Third Avenues in Manhattan’s Gramercy Park, was sold in an all cash transaction valued at $2,425,000.
The 23 foot wide building is approximately 4,542 gross square feet and sits on a 23’ x 98.75’ lot. The building is located near Gramercy Park directly across from Baruch College’s new Student Center and main campus which estimates that 10,000 pedestrians cross this street daily. Additionally, it is in close proximity to Gramercy Park, Murray Hill, Herald Square, the Flatiron District and Madison Square Park. The sale price equates to $539 per square foot.
“Given there were no air rights associated with the property whereby eliminating developers we were able to identify the perfect user who will renovate the building and move their business. There are few properties like this in the neighborhood that become available and we’ve seen an uptick in end-users in the market recently,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo who exclusively handled this transaction with Director of Sales Craig Waggner.
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Neighborhoods: Gramercy Park/ Agents: John Ciraulo