NEW YORK, June 25, 2013 /PRNewswire/ -- Skyway Development Group, LLC ("Skyway") announced today that it closed on the acquisition of 30 West 21st Street for $38.5 million from Kimco Realty Corporation (NYSE: KIM). The site, located between 5th and 6th Avenues in Manhattan's Flatiron District, contains a 12-story commercial building and an adjacent lot with future development potential. The deal was brokered by James Nelson, a partner at Massey Knakal Realty, and includes approximately 60,000 square feet of existing office and retail space, and 66 feet of combined frontage.
Originally designed by the architectural firm of Buchman & Fox in the Neo-Renaissance style, 30 West 21st Street was built in 1907. It has since had a storied history as a commercial site, and was host to the eclectic Danceteria lounge and night club 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.
This transaction marks Skyway's fourth recent acquisition of properties in Manhattan's Flatiron District, which began with the conversion of 29 West 19th Street. That project, which pre-dated the residential boom of the late 2000s and the rezoning of the "Ladies' Mile Historic District" along 19th Street, is one example of Skyway's early commitment to emerging sectors in the real estate market. Skyway subsequently acquired the adjacent lot at 27 West 19th Street and was successful in obtaining a special permit from the Department of City Planning to maximize the development potential of a new construction, 15-story residential tower at the site (The Emory Condominium).
Skyway's Managing Partner, Steven Mashaal said today, "Our announcement reaffirms the company's strength in identifying and pursuing site/s with long term potential to attract high-end commercial and residential clients." He added, "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."
About Skyway Development Group
Skyway Development Group, LLC is a New York-based real estate firm that specializes in the investment and development of high-end commercial and residential properties. Founded in 2002, the firm remains privately held and is jointly managed by brothers David and Steven Mashaal. Skyway's long term investment portfolio now comprises over twenty distinguished properties nationwide, and includes the recent redevelopment of The Emory Condominium at 27 West 19th Street and The Croft Building Condominiums at 71 Nassau Street in Manhattan. More information about Skyway Development Group can be found at their website: www.skywaydevelopment.com.
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SOURCE Skyway Development Group, LLC