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A blog for breaking sales and neighborhood real estate news.

A mixed-use building at 256-262 West 116th Street, located between Adam Clayton Powell Jr. and Frederick Douglass Bouelvards in Manhattan’s Central Harlem neighborhood, was sold in an all-cash transaction valued at $3,700,000.

The five-story building contains approximately 10,625 square feet on an 82’ x 25.92’ lot and consists of three office and two retail units.  The top three floors underwent gut renovation in 2013, including a new roof and heating system.   The sale price equates to approximately $348 per square foot.

The property’s close proximity to CCNY, Columbia University, and numerous national retail tenants ensures strong future tenant demand.  Public transportation is easily accessible via the 2 and 3 train stop at Lenox Avenue and West 116th Street and the B and C train stop at West 116th Street and Frederick Douglass Boulevard, providing access to midtown in less than 20 minutes

“There was a considerable amount of interest in this building as investors clearly recognized its long-term value,” said Massey Knakal’s Lev Kimyagarov, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Harlem