A six-story office building at 256 Fifth Avenue, located between West 28th and West 29th Streets in Manhattan’s Flatiron neighborhood, was sold in an all cash transaction valued at $6,500,000.
The building, constructed in 1893, is approximately 12,960 square feet and sits on a 24’8” by 100’ lot. There is a beautifully intricate terra cotta façade, which the American Institute of Architects describes in their guide to New York City as an example of architectural “virtuosity.” There are approximately 11,700 square feet of additional development rights, however, as the building is within the Madison Square North Historic District only a portion may ultimately be approved for development by the Landmarks Preservation Commission. The sale price equates to $502 per square foot.
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Neighborhoods: Flatiron/ Agents: John Ciraulo