A net-leased commercial building at 567 Seventh Avenue, located between West 40th and West 41st Streets in the Fashion District / Times Square section of Manhattan, was sold in an all-cash transaction valued at $7,250,000.
The
four-story building contains approximately 4,149 square feet and sits
on a 19.75’ x 60’ lot. It lies in a C5-3 zone in the special Midtown
District, yielding an as-of-right commercial FAR of 15.0. The property
holds approximately 17,775 buildable square feet, allowing for
redevelopment options on one of the city’s busiest corridors.
Prior
to the sale, Massey Knakal Retail Leasing Services secured Paris
Baguette, as the net-lease tenant for the entire building, which had
been vacant for the past six years. Paris Baguette is a division of an
international food and food services company based in Korea. With 2,900
stores in Korea and 50 in China, it is rapidly expanding its US
presence, and this is its first Manhattan location.
“By putting a
great tenant in the building, the true value of the asset was
realized. We were then able to achieve a higher sale price for our
client,” said Massey Knakal CEO Paul J. Massey, Jr., who exclusively handled this transaction with Chairman Bob Knakal and Director of Retail Leasing Ryan Horvath. “This is a classic example of how Massey Knakal’s multiple disciplines work together,” added Massey.
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Neighborhoods: Midtown West/ Agents: Paul Massey Jr.