Massey Knakal Sells Apartment Building In Yorkville
An apartment building at 429 East 80th Street, located between First and York Avenuesin Manhattan’s Yorkville neighborhood, was sold in an all-cash transaction valued at $4,918,000.
The five-story building, which contains 18 residential units, is approximately 9,295 square feet and sits on a 25’ x 102.17’ lot. Of the residential units, only two are rent stabilized. There are over 1,100 square feet of air rights remaining. The sale price equates to approximately $529 per square foot.
“Although the building sold at a 4.7% cap rate there is both immediate upside in the rents and greater long term potential as the completion of the Second Avenue Subway nears due to the lack of statutory tenants in the building,” said Massey Knakal Vice President Tom Gammino, who exclusively handled this transaction with CEO Paul J. Massey Jr.
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.