Multifamily

NEW YORK CITY — New York City-based Massey Knakal Realty Services has brokered the sale of four contiguous apartment buildings, located at 526-546 E. 82nd St. in New York City, for $15.5 million. The six-story, walk-up buildings contain 106 residential units and one commercial unit. The units are a mix of market rate and rent controlled; they include 88 two-bedroom units, 17 one-bedroom units and one studio. Massey Knakal’s Tom Gammino and Paul Massey negotiated the transaction. Both parties were undisclosed. The properties traded at a 6.8 percent capitalization rate.

SARATOGA SPRINGS, N.Y. — Construction is advancing for the $18 million rehabilitation of Embury Apartments, an affordable senior housing community located in Saratoga Springs. Construction at the twin 14-story towers, which were built in 1972, will include the conversion of 32 studio units into 16 two-bedrooms units, bringing the community’s total to 192 units from 208. Additional improvements will include the removal and replacement of asbestos flooring, the replacement of all windows and interior insulation, the installation of handrails and ADA-approved bathrooms in common areas, and the addition of a wireless Internet hub. Embury Apartments is owned by The Wesley Community, with Omni Housing Development serving as co-developer for the rehab project. CK Dennis is providing design services, and MLB Construction Services is serving as general contractor. Completion is scheduled for summer 2010.