The Reel

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A blog for breaking sales and neighborhood real estate news.

Five contiguous mixed-use buildings at 321-27 First Avenue and 356-58 East 19th Street, located in Manhattan’s Gramercy Park neighborhood, were sold in an all cash transaction valued at $11,200,000.

The five buildings are each four stories and together contain approximately 19,645 square feet.  The property boasts 92 feet of frontage along First Avenue wrapping around the corner onto 19th Street with an additional 80 feet of frontage. The buildings contain 30 residential apartments and six stores. Of the 30 units, there are 24 one-bedroom units and six studios. The sale price equates to $570 per square foot, a 6.07% capitalization rate, and a 12.08 gross rent multiple.

“Although, not ‘ready for development,’ this corner represents a solid short and long term investment with a future development play as a possible exit strategy,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo who exclusively handled this transaction with Massey Knakal Chairman and Founding Partner Robert A. Knakal.

Click here for press release

Neighborhoods: Gramercy Park/ Agents: John Ciraulo