Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Sells Upper East Side Multifamily Building

06/27/2012

A multifamily building at 206 East 75th Street, located between Second and Third Avenues on Manhattan Upper East Side, was sold in an all cash transaction valued at $2,325,000.

The four-story building is approximately 4,320 square feet and sits on a 20’ x 102’ lot.  The building is fully occupied and contains five residential units, of which, two are Rent Controlled and three are Free Market. The sale price equates to approximately $538 per square foot.

“With a low rent roll, rent regulated units, and free market units in need of renovations, we needed to find a buyer who was willing to roll up their sleeves to unlock the inherent value of this great location,” said Massey Knakal First Vice President of Sales Guthrie Garvin who exclusively handled this transaction with Chairman Bob Knakal. 

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.


www.masseyknakal.com

06/27/2012 - 11:56

Source

Cushman & Wakefield Capital Markets Group New York

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