Walker’s bar location in Tribeca sells for $8M

TRD New York /
Feb.February 09, 2010 06:07 PM

Two adjacent 19th century buildings in Tribeca that are home to the local restaurant and bar favorite Walker’s were sold last week for $8.1 million by their long-term owners, a broker on the sale told The Real Deal.

The five-story buildings in the Tribeca West Historic District were built about a decade apart. The first, at 16 North Moore Street, at Varick Street, was completed in 1880 while 18 North Moore Street was finished in 1894, according to a report on the neighborhood by the city Landmarks Preservation Commission.

The sale price was $356 per square foot, based on the combined 15,263 square feet in the buildings plus the 7,471 square feet in development rights. The two buildings have a total of 18 apartments, half of which are free market, and the restaurant lease runs until 2019.

Walker’s, best known for its old-style bar, has been at 16 North Moore Street for about 22 years, an employee of the restaurant said, and recently expanded into 18 North Moore Street.

There are no plans for the restaurant to move, said Robert Knakal, chairman of Massey Knakal Realty Services. Massey Knakal represented the sellers, and there was no buyer’s broker, he said, in the sale last Thursday.

Knakal would not identify the sellers, but city records indicate they are Citi-Urban Management and Jonis Realty Management, both of Great Neck.

Knakal described the buyer, whom he also would not identify, as a local investment family, which bought the buildings as part of a 1031 exchange. The exchange allows a buyer to defer taxes by exchanging one property for another.

“The price per foot is pretty healthy,” Knakal said. He added that there were dozens of bidders including hedge funds and private equity firms.

Citi-Urban and Jonis Realty did not return a call for comment.


Related Articles

arrow_forward_ios
150 East 45th Street and Children’s Aid president Phoebe Boyer (Credit: Google Maps)

Children’s Aid Society sells Midtown HQ

Children’s Aid Society sells Midtown HQ
Rockrose Development Justin Elghanayan and 98 DeKalb Avenue in Brooklyn (Credit: Google Maps)

Rockrose closes $81M all-cash Brooklyn buy

Rockrose closes $81M all-cash Brooklyn buy
David Schechtman, Bob Knakal, Peter Von der Ahe

Top I-sales brokers on what to do when there are no deals

Top I-sales brokers on what to do when there are no deals
Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline
Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

Landlord to bar owner: You don’t have to go home but you can’t stay here
The development site at 98 Dekalb Avenue and Rockrose Development's Justin and Henry Elghanayan (Credit: Google Maps)

Rockrose is moving into Brooklyn

Rockrose is moving into Brooklyn
Residential dev site in a LIC Opportunity Zone hits the market

Residential dev site in a LIC Opportunity Zone hits the market

Residential dev site in a LIC Opportunity Zone hits the market
From left: Fredrik Eklund, Bob Knakal, and John Gomes (Credit: Getty Images)

New details emerge as Fredrik Eklund’s beef with Bob Knakal continues

New details emerge as Fredrik Eklund’s beef with Bob Knakal continues
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...