Massey Knakal Realty Services Sells Mixed-Use Building In Midtown
Massey Knakal Realty Serviceshas sold a mixed use building at 303 East 46th Street, located on the north side of East 46th Street between First and Second Avenues, in the heart of Midtown East. The building was sold for $4,100,000.
The subject property is a 7,500 square foot, six-story building that consists of a store and 10 residential units above. The ground floor retail unit is leased to a dry cleaner until July 2018, while the residential units include one duplex, four rent stabilized apartments, and one rent controlled unit. All the units, with the exception of a studio, are railroad style one bedroom units. The building is one block from the United Nations and two blocks from Grand Central Terminal. With the rear of the building overlooking Daag Hammarskjod Plaza, the property is situated in one of Manhattan’s most desirable locations.
At the sales price, the gross rent multiple was in excess of 13 and the capitalization rate was below 5 percent.
“Demand for these bread and butter income producing assets has never been higher,” stated Massey Knakal Chairman Bob Knakal, who exclusively represented the seller in this transaction along with Director of Sales Clint Olsen. The buyer was represented by PD Properties.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.