Massey Knakal Realty Services

Real Estate Weekly, Jan 13, 1999

In an all-cash transaction valued at approximately $1.375 million, the property at 125 East 62nd Street has been sold, according to Robert A. Knakal, chairman of Massey Knakal Realty Services.

The property, a 16-foot-wide, five-story multi-unit townhouse, is located on the north side of East 62nd Street between Park and Lexington avenues. It was built 55-feet deep on a 71-foot lot and contains a gross square footage of 4,400 square feet. This five-story brownstone apartment building has a new gas heating system, traditional architectural details, and high ceilings. The first two floors contained an owner's duplex with two units on each of the top three floors. At the time of sale, the entire building was vacant, with the exception of the fourth floor front, which is a rent stabilized apartment. The owner's duplex was newly renovated at the time of sale. The purchaser of the property, Marvin Tisser, plans on a renovation of the property to one- or two-family utilization.

"Demand for brownstones and townhouses on the East Side is as high as it has ever been," said Paul Massey, president of Massey Knakal, who coordinated the marketing efforts for the seller of the property. "Bidding was intense, which allowed us to achieve this outstanding price."

Both parties to this transaction were represented by Massey Knakal Realty Services.