MASSEY KNAKAL SELLS MULTIPLE PROPERTIES IN NEW YORK CITY

NEW YORK CITY — Massey Knakal has completed the $5.13 million sale of two adjacent, mixed-use buildings located at 329 and 331 Lexington Ave. on the southeast corner of Lexington Avenue and East 39th Street in Manhattan’s Murray Hill neighborhood in New York City. 329 Lexington Ave. is a five-story building containing approximately 5,738 square feet. This walk-up building consists of six residential apartments and one retail space that is occupied by a lounge with approximately 5 years remaining on its lease. There are six apartments above the retail with one delivered vacant. The property is zoned R10, and has approximately 13,062 square feet of unused air rights. 331 Lexington Ave. is a seven-story corner building containing approximately 12,600 square feet. This elevatored building consists of 12 residential apartments with a restaurant and a delicatessen on the ground floor. The apartment mix is comprised of eight rent stabilized units and four vacant units. The property is zoned R10, and has approximately 6,600 square feet of unused air rights. The properties were purchased by United Prime LLC. The seller was the Estate of Titania Tarwid. In Flushing, Queens, Massey Knakal brokered the $1.83 million sale of 143-28 Cherry Ave., a corner brick walk-up apartment building. The four-story, 12,915-square-foot building is situated on the corner of Cherry Avenue and Smart Street. It consists of 16 one-bedroom apartments and four studios; 19 of which are rent stabilized units and one rent control unit. The property is located just blocks from Downtown Flushing, Flushing Hospital, Van Wyck Expressway, LIE and public transportation. The sales price represented a 6.5 percent capitalization rate and $91,250 per unit. Stephen Preuss of Massey Knakal exclusively handled the transaction.