NEW YORK CITY-Skyway Development Group reports it has acquired the 12-story 30 West 21st St. building from Kimco Realty Corp. for $38.5 million.

The deal for the building between 5th and 6th avenues in the Flatiron District was brokered by James Nelson, a partner at Massey Knakal Realty. The building includes approximately 60,000 square feet of existing office and retail space, and 66 feet of combined frontage.

The property was built in 1907 and played host to the Danceteria lounge and nightclub in the early 1980s. In 2007, a comprehensive and meticulous renovation was conducted by architect Karl Fisher, including restoration of the original copper and stone facade. The post-renovation building was later repositioned to luxury commercial use.

Skyway's Managing Partner, Steven Mashaal says, "We believe that the value of property in the Flatiron District will continue to increase, and our growing portfolio there–and in Lower Manhattan–gives us a strategic advantage as we continue to focus on long term returns for our portfolio."

The transaction marks Skyway's fourth recent acquisition of properties in Manhattan's Flatiron District.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.