The Reel

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A blog for breaking sales and neighborhood real estate news.

Massey Knakal has sold a development site located at 19-25 West 20th Street, between Fifth and Sixth Avenues, in the center of the Flatiron District. The site was sold in a transaction valued at $9,750,000.

In what is an unusual development parcel, the site is a vacant 25’ x 92’ lot which sits next to a 75 foot wide, 292 space, 7-story parking garage which is leased on a long-term basis. The property features shovel-ready plans that have already been approved by the Landmarks Preservation Commission (LPC) which call for a building up on the lot and then over, and on top of, the parking garage. These plans call for a 15-story residential building, including a three-story addition to the existing parking structure. The final project will contain 19 condominium apartments in 32,504 zoning square feet, and a fully-restored parking facility. The site was purchased by Gale International

“This was a transaction which required a lot of creativity and Stan Gale brought tenacity to the table while getting his arms around the complexities here,” said Massey Knakal Chairman Bob
, who exclusively handled these transactions with Vice Chairman and Partner John Ciraulo. “Stan and his team were a pleasure to work with,” Mr. Knakal added.

Click here for press release

Neighborhoods: Flatiron/ Agents: John Ciraulo