Massey Knakal busy in Brooklyn where two buildings net $17m.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 has sold two six-story elevatored apartment buildings at 1261 Schenectady Avenue and 787 East 46th Street in the East Flatbush section of Brooklyn in an all-cash transaction valued at $10,500,000. The properties are located across the street from each other, and both contain parking. "These properties are professionally managed, meticulously me·tic·u·lous adj. 1. Extremely careful and precise. 2. Extremely or excessively concerned with details. [From Latin met maintained and will be a beautiful addition to any real estate portfolio," said Massey Knakal Broker Guy Baretta, who exclusively represented the seller with Broker Patrick O'Malley
1261 Schenectady Avenue is a 75' x 120' building with approximately 54,600 square feet. 787 East 46th Street is also a 75' x 120' building with approximately 54,000 square feet. Combined, they contain 128 one-and two-bedroom apartments. The properties also contain two laundry rooms A laundry room (also called a utility room) is a room where clothes are washed. In a modern home, a laundry room would be equipped with an automatic washing machine and clothes dryer,and often a large basin, called a laundry tub, for hand-washing delicate articles of clothing such and two parking lots, which generate additional income to the gross rent roll. The average rent per unit is $789. 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 6.96% and a gross rent multiple of 7.93. The property sold for $96.69 per square foot to a Brooklyn investor. A 70-unit apartment building with two commercial spaces at 7202-7224 4th Avenue in Brooklyn's Bay Ridge neighborhood was also sold by Massey Knakal Realty Services for $7,875,000. "This property was last purchased in July 2005 for $7,000,000," said Massey Knakal broker Stephen Palmese, who exclusively represented the seller with broker Kenneth Freeman
Kenneth Freeman (nicknames "Kenny", "Poppi"), (1954-1985) was a friend and business partner of William (Billy) Cook, brother of Mumia . "Massey Knakal was able to implement a strategic bidding strategy to create the market for this property, which most buyers perceived as a 'flip.'" The 100' x 90' building is located on the west side of 4th Avenue between 72nd and 73rd Streets. Of the 70 residential units, 68 are rent stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. and two are rent controlled. The apartments average $805 per unit. They are a mix of one-, two- and three-bedroom units. The commercial units are on the ground floor. The building contains approximately 56,000 s/f. The transaction occurred at a capitalization rate of 4.82% and a gross rent multiple of 11.33. The property sold for $140.63 per square foot to a Rockland County, investor. |
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