Massey Knakal Realty Services

Real Estate Weekly, June 11, 2008

Massey Knakal Realty Services is pleased to announce the following transactions:

* The sale of a 40-family, vacant apartment building at 2460 Belmont Avenue in the Bronx in an all-cash transaction valued at $8,581,000. The building contains approximately 45,000 s/f and includes video intercom phones, a full sprinkler system and is fully abated for 25 years. It sold for $190.69 psf to a private investor from Long Island. Massey Knakal partner/managing director Marco Lala exclusively represented the seller.

* A four-story, walk-up apartment building at 256-258 Woodworth Avenue in the Yonkers section of Westchester County was sold by Massey Knakal Realty Services in an all-cash transaction valued at $1,255,000. The property contains 18 units over approximately 20,463 s/f. The transaction occurred at a capitalization of 10.31% and a gross rent multiple of 5.73. The property sold for $61.33 psf to a private investor from Westchester. Massey Knakal partner/managing director Marco Lala exclusively represented the seller.

* A mixed-use, walk-up apartment building with two retail units at 9 Christopher Street in Manhattan's Greenwich Village was sold by Massey Knakal Realty Services in a transaction valued at $8,450,000. In addition to the ground floor retail units there are 13 apartments. The property contains approximately 13,710 s/f. The transaction occurred at a capitalization rate of 4.13% and a gross rent multiple of 17.15. The property sold for $616.34 psf to a Manhattan investor. Massey Knakal partner/managing director James Nelson exclusively represented the seller.

* The sale of 2701 Kingsbridge Terrace--three contiguous lots that create a triangular development site with plans to house homeless and low-income veterans in the Bronx. The sale price was $1,860,000. The property contains approximately 14,100 s/f, 34,000 buildable square feet of residential space or as much as 67,680 buildable square feet for a community facility. Existing plans for the site call for a 77-unit housing complex backed by the Jericho Project. The complex is expected to open in 2011. Massey Knakal broker Karl Brumback was the exclusive agent.

* The sale of a 27-foot-wide, mixed-use building with residential and retail components at 433 DeKalb Avenue in the Bedford-Stuyvesant section of Brooklyn in an all-cash transaction valued at $1,450,000. The four-story property contains two retail components--a restaurant and a vacant laundromat--and six two-bedroom apartments, all of which are vacant and in need of major renovations. The property contains approximately 7,020 s/f. The property sold for $206.55 psf to a New Jersey developer. Massey Knakal broker Peter Schubert exclusively represented the seller.