Massey Knakal Sells $49 M. East Village Portfolio
Al Barbarino May 9, 2013, 7:45 a.m.
Massey Knakal has arranged the $49 million sale of seven-property portfolio spread along a single street in the East Village, The Commercial Observer has learned.
The five and six-story buildings at 118, 120-22, 195, 199, 201 and 203 East 4th Street make up a combined 53,770 square feet across 115 units, with 175 feet of frontage and one retail space (at 195 East 4th).
“Demand to own multifamily properties in the East Village is extremely high as rents continue to surge and vacancy in the neighborhood is below 1 percent,” said Massey Knakal’s John Ciraulo, who exclusively represented the seller with Craig Waggner, James Nelson, Michael DeCheser and Bob Knakal, adding that the “purchaser continued their recent buying spree” in the neighborhood.
Nearly 90 percent of the units are fair market apartments, which previous ownership gut renovated and feature dark hardwood floors and cabinetry, stainless steel appliances, granite countertops, marble bathrooms, new moldings and light fixtures.
Common areas were also renovated, installed a coin-operated laundry room, upgraded the electric, repointed the façade wherever necessary, and repaved the courtyard, which has beautiful decorative stone.
“This transaction underscores the increase in value in recent years provided by the previous ownership,” Mr. Ciraulo said.
One of New York City’s most famous and desirable neighborhoods, the East Village is known for its diverse community, vibrant nightlife, retail diversity, restaurant density, artistic sensibility, and recent gentrification.
The buyer and seller did not wish to be identified.