The Reel

Follow us:

A blog for breaking sales and neighborhood real estate news.

A commercial building at 345 East 104th Street, located between First and Second Avenues in Manhattan’s East Harlem neighborhood, was sold in an all-cash transaction valued at $6,750,000.

The five-story elevator building contains approximately 24,230 square feet and sits on a 50’ x 100.92’ irregular lot.  Owner-occupied for multiple generations and previously used as a combination of storage and office space, the building is configured as two retail units on the ground floor and commercial space on floors two through five.  It features large floor plates, high ceilings, abundant light, two internal staircases, and an elevator that services all floors.  The basement has approximately nine foot high ceilings and is currently used as additional storage and mechanical space.  The building is sprinklered, heated by #2 oil-fired boiler which is supplied by two tanks, and is sub-metered for electric use.  The sale price equates to approximately $280 per square foot.

“We received a tremendous amount of interest from buyers who traditionally focus on properties below 96th Street that were drawn to the unique character of the building. Tight supply, rising values, and a shift in the fundamentals along Second Avenue ultimately yielded a great price for the seller and provided a terrific conversion opportunity for the purchaser,” said Massey Knakal’s Hall Oster, who exclusively represented the seller in this transaction with Lev Kimyagorov.

Click here for press release

Neighborhoods: Harlem