MASSEY KNAKAL ARRANGES APARTMENT PORTFOLIO SALE FOR $73M

NEW YORK CITY — Stone Street Properties has acquired an 11-building apartment portfolio located on the Upper East Side and the East and West Village for $73 million. The portfolio also includes an additional 40-unit property in downtown Brooklyn. In total, the portfolio contains 299 residential units and two stores totaling 142,000 square feet. Approximately 72 percent of the units are rent regulated with average rents considerably below market. The Manhattan buildings are located at 104 East 7th St.; 438-440 East 13th St.; 234-238 East 33rd St.; 101 MacDougal St.; 410 East 64th St.; 319-321 East 78th St.; 223 East 82nd St.; 310 East 83rd St.; 325 East 83rd St.; and 504 East 88th St. The Brooklyn property is located at 354-356 State St. Paul Smadbeck, Thomas Gammino Jr., James Nelson and John Ciraulo of Massey Knackal represented the seller, a family partnership, in the transaction. They also represented the buyer.