Massey Knakal Realty Services recently sold a senior note collateralized by 490 apartment units in the Bronx. The note was sold for $31 million in a transaction handled by Massey Knakal Chairman Bob Knakal and First Vice President of Sales David Simone.
The units securing it are within two separate apartment buildings at 530-540 East 169th Street and 480 East 188th Street, known as Robert Fulton Terrace.
Asked about the volume of note sales he’s seeing, Mr. Knakal said that they’re slow and steady.
“From a year ago, volume is definitely down, but I think that over the last 6 to 9 months the volume has been steady,” he told The Commercial Observer. “Clearly many of the banks have dealt with the majority of their issues but there is still a slow trickle coming out of the banks. Most of the note sales recently have been coming out of the special servicers.”
Mr. Knakal declined to say the origin of this particular note, though sources indicated that it is LNR—the largest commercial mortgage servicer in the business.
Robert Fulton Terrace is comprised of a 17-story and a 15-story building. Together, the two include 490 apartment units and roughly 434,000 square feet of space.