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The Building Sales E-JournalJanuary 2013
Massey Knakal's Building Sales Journal, produced for over 20 years, provides information about some of our notable transactions, company related news and industry trends.
Massey Knakal Realty Services
Massey Knakal Realty Services
Featured Sales By Massey KnakalMassey Knakal Realty Services
27-35 West 24th Street, New York, NY
421 Kent Avenue, Williamsburg, NY
TriStar Portfolio, New York, NY
321-325 W 35th St and 320-328 W 36th St, New York, NY
385 Gerard Avenue , Bronx, NY
300 West 145th Street, Harlem, NY
220 West 71st Street, New York, NY
1227 Broadway, New York, NY
237-241 East 34th Street, New York, NY
38-52 Fort Washington Ave, Washington Heights, NY
Featured Leases by Massey KnakalMassey Knakal Realty Services
1053 Flushing Avenue, Brooklyn, NY
1100 Madison Avenue, New York, NY
333 Lenox, New York, NY
44 Trinity Place-81 Greenwich St., New York, NY
776 Nostrand Avenue, Brooklyn, NY
Featured Financings by Massey KnakalMassey Knakal Realty Services
$7.0 Million Ground-up Construction Loan, Chelsea, NY
$7.5 Million Loan, Union Square, NY
$7.5 Million Construction Loan, Crown Heights, NY
$5.25 Million Construction Loan in the Hamptons
$6.0 Million Loan, Upper West Side, NY
$5.7 Million Loan, Bedford Stuyvesant, NY
Massey Knakal Realty Services
Massey Knakal Sells Apartment Building Portfolio For $73 Million
Neighborhood: Upper East Side and East-West Village

Type: Multi-family

Sale Price: $73,000,000

Transfer Date:

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.
Fourth Quarter 2012 - A Message From The Chairman
I gave three speeches last week about the results of the 2012 property sales market. I began all three by asking the question to the audiences, Do you believe last year's sales market in New York City was great, good, fair, or not so good? By a show of hands from those I had already not put to sleep, there was about equal sentiment for each of the choices. In certain ways, they all were correct. Read Article
Message From The CEO - Fourth Quarter 2012
At Massey Knakal, we've worked hard to foster and maintain a “People” culture. We believe this is one of our competitive advantages. As part of their on boarding process, I personally meet with every new hire to get to know them and to cover some ground rules regarding our company values and culture. Read Article
Williamsburg: No Longer a Community of Starving Artists
It is no secret that the Williamsburg retail market has been undergoing a dynamic overhaul for the past 10-15 years. For most of that time, Williamsburg has been known as a retail community made up of hip bar and restaurant operators, pioneering local entrepreneurs, and eclectic boutique owners. Times have changed. Williamsburg is on the verge of the next big phase in its retail evolution. After 15 years of explosive growth, the Northside is finally gaining the attention of many large, national retail chains. Read Article
Massey Knakal Realty Services
Press Releases
Massey Knakal and RiverOak Announces $10 Million First Close For MKRO I
Daniel Doherty Promoted To Director Of Retail Leasing
Matthew Dillon Transitions To Vice President - Executive Office
Massey Knakal Charitable Foundation Update
Massey Knakal Realty Services
© 2012 Massey Knakal Realty Services
This information has been compiled for informational purposes only and Massey Knakal Realty Services shall not be liable for any reliance thereon.
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