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A mixed-use building at 238 West 14th Street, located between Seventh and Eighth Avenues bordering Manhattan’s Meatpacking neighborhood, was sold in an all-cash transaction valued at $7,250,000.

The property consists of a five-story, plus lower level, mixed-use elevator building that contains approximately 9,600 square feet and a two-story fully renovated carriage house in the rear that contains approximately 1,071 square feet.  The buildings sit on an approximately 25’ x 103.25’ lot and are separated by a beautifully landscaped courtyard.  The two structures consist of 11 residential apartments, including nine one-bedrooms, one studio, and the carriage house, and a lower level retail space.  The retail space and carriage house were both delivered vacant.  With a total of approximately 10,671 square feet, the sale price equates to approximately $679 per square foot.

“This property is a great opportunity for this ‘1031 exchange’ buyer who will benefit from long-term upside from the rent regulated units,” said Massey Knakal’s Vice Chairman, John F. Ciraulo, who exclusively handled this transaction with James Nelson and Craig Waggner.  “The buyer will also be able to capitalize on the vacant retail on one of the most heavily trafficked locations at the crossroads of three of Manhattan’s most vibrant and culturally rich neighborhoods, the West Village, Chelsea, and the Meatpacking District,” add Partner, James Nelson.

Click here for press release

Agents: John Ciraulo