TWO UPPER EAST SIDE RESIDENTIAL BUILDINGS TRADE FOR $15 MILLION

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of two five-story apartment buildings on Manhattan's Upper East Side for $15 million. The elevator-served buildings are located at 530 and 534 E. 88th St. They feature 73 combined units in a mix of studio through two-bedroom residences. Of the units, 46 are free market, 19 are rent stabilized and nine are rent controlled. Massey Knakal's Thomas Gammino and Robert Knakal arranged the deal between the two undisclosed parties. The properties traded for $264 per square foot and a cap rate of approximately 4 percent.