Massey Knakal Realty Services

Real Estate Weekly, Jan 5, 2000

In an all-cash transaction valued at approximately $1.25 million, the property at 214 East 50th Street has been sold according to Paul J. Massey, Jr., president of Massey Knakal Realty Services.

The property, a 15.7-foot-wide, four-story townhouse, is located on the south side of East 50th Street between Second and Third avenues. It is a three-unit building containing a duplex on the first two floors and a floor-through apartment on each of the third and fourth floors. The property was completely renovated and Was delivered vacant. Massey Knakal was hired exclusively to market this property after the owner had hired three other firms in succession to market the building. Within eight weeks, an acceptable price was obtained and the closing occurred shortly thereafter.

"Due to the excellent location of the building and the fact that it was completely renovated, we were able to obtain an overwhelming amount of interest in a relatively short period of time," said Robert A. Knakal, chairman of Massey Knakal, who represented the seller in this transaction. "Prices. Continue to climb on the East Side due to the lack of available property."

Massey Knakal Realty Services represented the seller in this transaction, while the purchaser was represented by Bellmarc Brokerage.