East Side Portfolio Changes Hands for $126.3M
A portfolio of five properties on Manhattan’s East Side has been sold for an aggregate $126.3 million, according to brokerage firm Massey Knakal Realty Services.
The portfolio included 176 East 3rd Street located between Avenues A and B, 420 East 66th Street located between First and York Avenues, 336 East 81st Street located between First and Second Avenues, 344 East 85th Street located between First and Second Avenues and 404 East 88th Street located between York and First Avenues. Altogether, the properties included 264 residential units, two commercial units and one professional unit over 144,000 square feet.
The Upper East Side properties were purchased by Trevi Retail, a New York retail and residential investor. The 3rd Street property was purchased by Nader and Lisa Shalom, multifamily buyers.
Massey Knakal’s Bob Knakal, Thomas D. Gammino Jr., Guthrie Garvin and Michael DeCheser represented the seller, Stone Street Properties, in negotiations. According to Mr. Knakal, the sellers wanted to take advantage of current market conditions. There were no brokers representing the buyers.
“The multifamily sector has always been the most active in the city and today is no different,” Mr. Knakal said in prepared remarks. “The interest in these properties was from every corner of the globe and from a widespread array of buyer types.”
The buildings are expected to continue operating as rental properties.