Massey Knakal Realty Services.In an all-cash transaction valued at approximately $1.95 million, a cond-op interest in 1154-56 First Avenue has been sold, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a report from Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. J. Massey, Jr., president of 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. The property, a 50-foot-wide, five-story mixed-use building, contains three stores and 13 apartments. The property contains a total of approximately 17,500 square feet, and is located between 63rd and 64th streets on the east side of First Avenue. In the early 1980's, this property was converted to cond-op ownership. Each of the three stores was a 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. and the top four floors of the building were another condominium, which was converted into cooperative ownership. Three of the residential units were sold to effectuate ef·fec·tu·ate tr.v. ef·fec·tu·at·ed, ef·fec·tu·at·ing, ef·fec·tu·ates To bring about; effect. [Medieval Latin effectu the cooperative plan, and the balance of the residential units and the stores were still owned by the original sponsor. Massey Knakal was hired to sell the sponsor's position in this property, which had a gross revenue of approximately $291,000 with $150,000 of net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. . At these figures, the purchaser paid a price yielding a return of 7.67 percent and approximately 6.7 times the gross rent. "This was a very unusual sale in that there are very few cond-ops in the city and certainly not many majority positions in these assets sold," said Robert A. Knakal, chairman of Massey Knakal, who coordinated the marketing efforts for the seller. "Because of the excellent location of the property, we had dozens of offers in a relatively short period of time." Massey Knakal Realty Services represented the seller in this transaction, while the purchaser was represented by Fairway Holding Corp. |
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