Family sells off UES building

Real Estate Weekly,  Jan 30, 2008  

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Massey Knakal Realty Services has sold a five-story, elevatored apartment building with 30 residential units at 44 East End Avenue on the Upper East Side of Manhattan for $10,300,000.

"The building had been family owned for 50 years. The roof is only a year old," said Massey Knakal broker Tom Gammino, who exclusively represented the seller with CEO Paul Massey.

The first two floors are completely vacant. Of the units, only four are completely occupied. The property contains approximately 16,320 s/f.

The transaction occurred at a capitalization rate of 4.38% and a gross rent multiple of 15.96. The building sold for $631.13 per square foot to a city investor.

Massey Knakal and Nicole Carra of NLC Realty LLC Associates were the brokers in this transaction.

COPYRIGHT 2008 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning