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A blog for breaking sales and neighborhood real estate news.


1/21/2010 3:48:52 AM/ Massey Knakal/ Closings

Massey Knakal is reporting the closing of 41 buildings in December throughout the New York Metro area with an aggregate value of $114,442,000.
Some of the notable transactions included:
·    A ten-building portfolio sold in an all cash transaction valued at $29,000,000. The walk-up apartment buildings are located throughout Chelsea, Soho, West Village, Gramercy Park, and Carnegie Hill. Combined the properties contain approximately 87,707 square feet including 90 residential apartments, eight retail stores, three commercial units, and a rooftop antenna.

·    A nine-building, 229-unit affordable housing portfolio and associated ground-level retail in East Harlem sold in an all cash transaction valued at $26,900,000. The buildings are known as Met Paca I and Met Paca II and operate under a Section 8 rent subsidy contract with HUD.

·    A nine-story, 35,000 square foot elevatored commercial loft office building at 33 West 46th Street sold in an all cash transaction valued at $11,000,000.

·    Two adjacent buildings spanning the entire eastern blockfront of Madison Avenue between 130th and 131st Street sold in an all cash transaction valued at $5,500,000. Together the properties contain a total of 53 residential units, all of which are under Section 8 contract with HUD.

According to a recent report based on analysis conducted by Real Capital Analytics and published in the Real Deal, Massey Knakal dominated the field in terms of number of properties sold from 2007-2009 with more than 100 transactions completed.  The RCA analysis only looked at Manhattan properties sold for more than $5 million, however, if the entire NYC metropolitan area sales (from $1 million - $5 million) were included; Massey Knakal recorded over 600 transactions.