The Reel

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A blog for breaking sales and neighborhood real estate news.

An apartment building at 229 East 67th Street, located between Second and Third Avenues in Manhattan’s Upper East Side neighborhood, was sold in an all-cash transaction valued at $6,426,000.
The five-story building contains approximately 13,770 square feet and sits on a 25’ x 100’ lot.  It consists of 22 residential units, of which five are rent stabilized and one is used as a super’s unit.  The sale price equates to approximately $467 per square foot.

“With the lack of investment property available on the market, it was not surprising that we received a tremendous amount of interest for this property.  The final price achieved equates to a sub 4% cap rate for this well located asset,” said Massey Knakal’s Guthrie Garvin, who exclusively handled this transaction with CEO Paul J. Massey, Jr

Click here for press release

Neighborhoods: Upper East Side/ Agents: Paul Massey Jr.