Apartment building nets $10m.A six-story elevatored apartment building at 1450 Second Ave. in Manhattan was sold by Massey Knakal Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Services in a transaction valued at $10 million. The 50-foot-wide building is located on the east side of Second Avenue, between 75th and 76th Streets. It contains approximately 23,292 s/f, including two stores and 41 studio apartments. A new boiler was installed in 1999. The building was fully occupied at the time of sale. The transaction occurred at a capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of 4.23% and a gross rent multiple of 13.92. The property sold for $417.90 per s/f. "This transaction illustrates the strength of the elevatored apartment building market in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ," said Massey Knakal chairman Robert Knakal, who exclusively represented the seller with broker Thomas Gammino. The property was purchased by a Bronx investor. Massey Knakal Realty Services and Colliers ABR (1) (AutoBaud Rate detect) The analysis of the first characters of a message to determine its transmission speed and number of start and stop bits. (2) (Available Bit R were the brokers in this transaction. |
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