The Real Deal New York

New North Manhattan investment portfolio could be worth $100M

April 12, 2011 09:21AM

A portfolio of more than 200,000 square feet worth of northern Manhattan investment properties has hit the market and could go for close to $100 million, which, according to the Observer, would make it among the largest deals of its kind since the Lehman Brothers crash. The portfolio, which is being marketed by Massey Knakal Realty Services, consists of six development sites and income-producing properties. They include the 5,000-square-foot retail building on 125th Street, across from the Apollo Theater, which houses the Children’s Place and Gold City of Harlem; two buildings near 146th Street on Broadway that contain a combined 41,600 square feet; a block of 37,000 square feet of retail space on Broadway between 138th and 139th streets; an 85,176-square-foot parking garage in Washington Heights; a 125-car parking lot in Inwood; and a 26,000-square-foot retail building at 177-183 Dyckman in Inwood. The last deal to rival this portfolio in size was in 2007, when 47 buildings in East Harlem and seven condo units in the East Village were sold for $225 million to British investment firm Dawnay Day. The firm has since folded. “We expect tremendous interest in this portfolio, which would take years to put together individually,” said Robert Knakal, chairman of Massey Knakal. [NYO]

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