(Read more on the multifamily market.)

NEW YORK CITY-Sdg Management has sold a four-story loft building at 105 E. 9th St. in Manhattan’s East Village for $4.4 million, GlobeSt.com has learned. Queens investors David and Cindy Fu purchased the 30-foot by 46-foot building.

The property is located on the north side of East 9th Street between Fourth and Third avenues. The loft property contains approximately 5,520 sf. All the units on the second, third and fourth floors are vacant, the source explains, so there is an opportunity to renovate.

The building comes with shared rights to the adjacent alleyway, Lafayette Court, and approximately 2,760 sf of air rights assuming commercial or mixed-use. The transaction occurred at a cap rate of 5.8%. The property sold for $797.10 per sf, which a source close to the deal tells GlobeSt.com is above market average.

“This property attracted interest from both the residential and commercial side, as well as investors and developers,” notes Massey Knakal broker James Kinsey, who exclusively represented the seller with chairman Robert Knakal. “The purchaser was a 1031 buyer who viewed it as an investment.” 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?


© 2024 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 © 2024 ALM Global, LLC. All Rights Reserved.