NEW YORK — Massey Knakal has arranged the sale of The East Side Elevator Portfolio, consisting of five trophy assets on the east side of Manhattan, for $126 million.
Stonestreet Properties sold the portfolio, which features one property in the East Village on 3rd Street and four properties on the Upper East Side and includes a total of 267 units.
The properties were sold in two separate transactions. Trevi Retail purchased the four Upper East Side properties and buyers Nader and Lisa Shalom purchased the 3rd Street property.
“The multifamily sector has always been the most active in the city, and today is no different. The interest in these properties was from every corner of the globe and from a widespread array of buyer types,” says Bob Knakal, chairman of Massey Knakal. Thomas Gammino Jr., Guthrie Garvin, Michael DeCheser and Knakal exclusively handled the transactions.
The portfolio consists of 264 residential units, two commercial units, and one professional unit totaling approximately 144,043 square feet. Of the 264 units, 196 are fair market while 68 are rent stabilized. The unit mix consists of 59 studios, 152 one-bedrooms, 28 two-bedrooms, 19 three-bedrooms, and six four-bedrooms.
The properties represent some of the most premier assets within their respective locations.
Located between Avenues A and B, 176 E. 3rd St. is a six-story building containing approximately 43,520 square feet. The property consists of 48 residential, one professional, and one commercial unit.
The five-story 420 E. 66th St. is located between First and York avenues. The property contains approximately 19,370 square feet and includes 39 residential units.
336 E. 81st St. is a six-story building located between First and Second avenues. The property features approximately 25,700 square feet and includes 64 residential units.
The six-story 344 E. 85th St. is located between First and Second avenues. The 34,300-square-foot property features one commercial and 64 residential units.
The 404 E. 88th St. property is located between First and York avenues. The six-story building contains approximately 21,153 square feet with 49 residential units.
Massey Knakal is a diversified real estate company that exclusively represents owners in the sale, leasing and financing of their properties. The company has closed more than 5,000 transactions, with an aggregate value in excess of $21 billion, since 1988.
— Danielle Everson