Lot Sells for Double the Asking Price

NEW YORK CITY-A vacant lot on 97th Street trades for almost double its asking price. The buyer plans to construct a condominium complex on the site.

By Barbara Jarvie | July 05, 2005 at 12:04 PM

Massey Knakal Realty Services was the sole broker in the transaction. Both the buyer and seller were not disclosed. The property sold for $250.60 per buildable sf to a Manhattan developer with plans to construct condominiums on the site.

Massey Knakal president James Ventura, who exclusively represented the seller, calls the transaction a "textbook case. The demand was so high that we received 39 offers in two weeks and went to contract at almost double the original asking price."

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