MASSEY KNAKAL ARRANGES $21.92 MILLION MULTIFAMILY SALE

NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of a residential building and an adjacent development site located in Harlem, New York City, for $21.92 million. The first part of the transaction consists of a six-story, 120-unit affordable housing building that is situated on Fifth Avenue between West 116th and 117th streets. The second component of the deal is an approximately 44,402-square-foot, L-shaped lot that takes up the remainder of the block. The buyer, L&M Equities, plans to continue to operate the residential building as affordable housing. Plans for lot call for a building between 180,000 and 260,000 square feet in size. Shimon Shkury and Tom Donovan of Massey Knakal represented the seller, Metrovest Equities.