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Massey Knakal sells UWS apartment building for $28m.

Massey Knakal Realty Services has sold a 12-story, elevatored apartment building at 120 West 86th Street on Manhattan's Upper West Side in an all-cash transaction valued at $28,000,000.

The 60' x 89' irregular property is located on the south side of West 86th Street between Amsterdam and Columbus Avenues.

It contains approximately 51,072 square feet including 47 residential units--34 one-bedrooms, 10 two-bedrooms and one three-bedroom (23 rent stabilized, 4 rent controlled and 20 vacant or free market units).

The property has an additional 13,028 square feet of air rights, which would enable the creation of a penthouse unit. The transaction occurred at a capitalization rate of 2.68% and a gross rent multiple of 22.93. The property sold for $548.25 per square foot.

"Numerous pre-war buildings of this type have been converted to condos," said Massey Knakal Chairman Robert Knakal, who exclusively represented the seller with Broker Meyrick Ferguson. "However, it appears the purchaser, who had a 1031, will continue to operate the property as a high-end rental."

Massey Knakal Realty Services was the sole broker in this transaction.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jan 25, 2006
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