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Apartment building nets $10m.

A six-story elevatored apartment building at 1450 Second Ave. in Manhattan was sold by Massey Knakal Realty 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 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," 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 were the brokers in this transaction.
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Title Annotation:Massey Knakal Realty Services Inc. sells building
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:May 11, 2005
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