The Reel

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A blog for breaking sales and neighborhood real estate news.

An elevator apartment building at 147 East 30th Street, located between Lexington and Third Avenues in Manhattan’s Murray Hill neighborhood, was sold in an all cash transaction valued at $4,511,000.

The five-story building is approximately 10,070 square feet and sits on a 27’ x 99’ lot.  The building consists of twenty residential units, of which, ten are rent stabilized. The building has four apartments per floor and is comprised of five studios units, ten one-bedroom units and five two-bedroom units.  The sale price equates to approximately $448 per square foot, a 4.5% cap rate or 13x gross rent multiple.

 “This transaction is an excellent indication that there are active buyers pursuing stabilized assets and plenty of money is readily available, with the purchaser obtaining a 75% loan-to-value ratio for financing at closing,” said Massey Knakal Vice Chairman John F. Ciraulo who exclusively handled this transaction with Chairman Robert A. Knakal, Sales Team Manager Jonathan Hageman and Director of Sales Michael Azarian.

Click here for press release

Neighborhoods: Murray Hill/ Agents: John Ciraulo