Apartment buildings feature buyer options.Shimon Shkury, managing partner for 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, announced the closing of two contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. , pre-war apartment buildings on West 55th Street between 5th and 6th Avenues in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan. Shkury and Michael A. Tortorici, of Massey Knakal Northern Manhattan, headed the sales team, which also included Mark J. Spinelli, a director of sales specializing in Midtown, and Robert A. Knakal, the firm's chairman and managing partner. "The two buildings at 15-19 West 55th Street present the buyers with a number of excellent investment options," Shkury said. "The current zoning gives them the flexibility to buy and hold, or convert the property to a hotel or condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. development." Spinelli added that the buildings possess a number of attractive characteristics that generated a great deal of interest from potential buyers. "The buildings total 100,420 square feet, consisting of 66,688 square feet of residential space, 13,824 square feet of commercial space, and 19,908 square feet of air rights, as of right," he said. "Other features include a new elevator elevator, in machinery elevator, in machinery, device for transporting people or goods from one level to another. The term is applied to the enclosed structures as well as the open platforms used to provide vertical transportation in buildings, large ships, system, new windows, 64 apartments, of which 20 are vacant, nine floors plus a penthouse penthouse Enclosed area on top of a building. A penthouse can be an apartment on the roof or top floor of a building or a structure on the roof housing the top of an elevator shaft, air-conditioning equipment, or stairs leading to the roof. , and four retail tenants housed in the commercial space." Shkury said the projected income for the buildings is $2.8 million--S2.17 million in residential income and $638,350 in commercial income. The property was sold to local investors for an undisclosed amount. |
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