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NEW YORK CITY — Massey Knakal Realty Services has completed the sale of 121 Ludlow Street, a three-story commercial building located in Manhattan’s Lower East Side, for $3.45 million. The building consists of a vacant ground-floor unit equipped for a restaurant, a second-floor art studio with 12-foot ceilings and a third-floor hair salon with 10-foot ceilings. Massey Knakal’s Michael DeCheser negotiated the transaction. The property was acquired by a local investor at a 4.35 percent capitalization rate.