(Read more on the multifamily market.)

NEW YORK CITY-RE Equities Corp. has purchased a six-story walk-up apartment building, located just east of the Meatpacking District on the west side of Manhattan, for $14.1 million, GlobeSt.com has learned. The property was sold by Alissa and David Fastenberg for above the asking price in an all-cash transaction.

A source close to the deal tells GlobeSt.com that the original asking price was $13.9 million. “It sold over the asking price because there were 14 solid offers on the table,” the source notes. “Two people decided to step it up; however, only one secured the property in the end.”

The source explains that the seller sold because the neighborhood because such a “hot destination.” The property sold for $690.96 per sf. The transaction occurred at a capitalization rate of 1.8%.

344 W. 14th St. is a 20,334-sf property located on West 14th Street between Eighth and Ninth avenues. It is composed of 25 units including eight free-market, 12 rent-stabilized, four rent-controlled and one super’s apartment. The units are a mix of two- and three-bedrooms. Of those units, the ground floor would be ideal for conversion to retail.

According to a release, the property contains upside because the existing rent per net sf for the regulated units is about $14, or $931 per month, which is a fraction of the market average, which, according to the source, are around $70 per net sf on average. It also boasts an additional 10,759 sf of air rights.

“The Meatpacking District has become one of the most sought after neighborhoods Downtown,” notes Massey Knakal Realty Services partner and managing director James Nelson, who exclusively represented the seller with broker Nikolay Diankov. “Properties are rarely offered, so it’s no surprise that we were overwhelmed with interest.” Nelson adds that Massey Knakal has witnessed retail rents triple on West 14th Street over the past two years.

Jordan Platt of Kaled Management acted as a consultant in the transaction. Bradford Lavendar Esq. of Bryan Cave LLP was the buyer’s attorney and Dennis Konner Esq. of Thelen Reid Brown Raysman & Steiner LLP was the seller’s attorney. Massey Knakal Realty Services was the sole broker in this transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.