Massey Knakal Sells Apartment Building Portfolio For $73 Million
The East Side / Village Portfolio, consisting of 11 prime multifamily walkup apartment buildings located on the Upper East Side and the East and West Village, with an additional 40-unit property located in downtown Brooklyn,was sold in an all-cash transaction valued at $73,000,000. The Manhattan buildings are located at 104 East 7th Street, 438-440 East 13th Street, 234-238 East 33rd Street, 101 MacDougal Street, 410 East 64th Street, 319-321 East 78th Street, 223 East 82nd Street, 310 East 83rd Street, 325 East 83rd Street, and 504 East 88th Street. The Brooklyn property is located at 354-356 State Street.
In total, the portfolio contains 299 residential units and two stores totaling approximately 142,000 gross square feet. Roughly 72% of the units are rent regulated with average monthly rents considerably below market. The sale price equates to approximately $514 per square foot.
“It is extremely rare for a portfolio of this size and quality to become available for sale in such prime Manhattan locations, and the market reacted accordingly during the marketing process with strong fundamentals and historically low interest rates fueling tremendous demand for these assets,” said Massey Knakal Senior Vice President of Sales Paul B. Smadbeck, who exclusively handled this transaction with Vice President Thomas Gammino, Jr., Partner James Nelson, and Vice Chairman and Partner John F. Ciraulo.
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.