The Reel

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A blog for breaking sales and neighborhood real estate news.

Massey Knakal Realty Services is pleased to announce the sale of 10 Jefferson Place for $1,375,000 representing the first multifamily transaction on the north side of Mount Vernon in 2010.

First Vice President of Sales John Barrett and Hall Oster brokered the sale on behalf of the seller to an experienced NYC based investor on all cash, non-contingent basis.

At the time of sale the building contained 20 apartments, 16 of which were rent stabilized, with average rents of approximately $17.25 per net square foot. The final sales price represented an 8.75% capitalization rate and $69,000 per unit. Capital One Bank provided the buyer financing at 75% loan to value.

Click here for press release.

Neighborhoods: Westchester County