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NEW YORK CITY-A four-story retail property that currently houses the World of Golf retail store at 145-147 E. 47th St. in Midtown East Manhattan changed hands. The retailer’s principal David Braham sold the 33-foot-wide property located on the north side of East 47th Street between Lexington and Third avenues, near Grand Central Station for nearly $13 million.

A source familiar with the deal tells GlobeSt.com that local developer Steve Shemel purchased the property and plans a future residential development. The source did not have any further details on that development, nor did they know reasons for selling.

The property contains 8,980 sf, and approximately 40,164 buildable sf. With a C5-2.5 zoning designation, the site is a “prime spot for future development” upon the lease expiration, according to a statement from Massey Knakal Realty Services, the sole broker in the transaction.

The property sold for $322.43 per buildable sf. Massey Knakal broker Clint Olsen exclusively represented the seller with chairman Robert Knakal.

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