Big Block portfolio fetches $37m.The "Big Block Portfolio"--145 residential units in the Morningside/ Hamilton Heights section of Northern Manhattan, steps from Columbia University Columbia University, mainly in New York City; founded 1754 as King's College by grant of King George II; first college in New York City, fifth oldest in the United States; one of the eight Ivy League institutions. --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 an all-cash transaction valued at $37,000,000. "The new owner purchased the property for its existing cash slow and will actively manage the property to take advantage of the growing residential market in the area due in large part to Columbia's continued expansion northward north·ward adv. & adj. Toward, to, or in the north. n. A northern direction, point, or region. north ," said Massey Knakal bBroker Patrick O'Malley
The 11 walk-up properties are located at 503-505 West 122nd Street, 1268-1274 Amsterdam Avenue and 520-530 West 123rd Street. Encompassing more than 132,500 s/f, the breakdown consists of 45 three-bedrooms; 61 two-bedrooms; 13 one-bedrooms and 26 studios (12 rent controlled, 125 rent stabilized and 27 free market). Currently, 21 are vacant units and five commercial units. 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 5.16% and a gross rent multiple of 13.11. The property sold for $279.25 per square foot to a Manhattan investment group. Massey Knakal Realty Services was the sole broker in this transaction. |
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