Please excuse my delay in thanking you and your law firm and especially [redacted] on the success achieved in the acquisition of the above referenced property.
The article in Real Estate Weekly certainly did not tell the story because no sale would have occurred without the able and professional expertise of [redacted] in holding the transaction together nor without the lengths to which he extended himself to see it through to a successful conclusion.
Thank you and I look forward to our next transaction.
Very truly yours,
Michael N. Appell
Family sells off UES building
Massey Knakal Realty Services has sold a five-story, elevatored apartment building with 30 residential units at 44 East End Avenue on the Upper East Side of Manhattan for $10,300,000.
“The building had been family owned for 50 years. The roof is only a year old,” said Massey Knakal broker Tom Gammino, who exclusively represented the seller with CEO Paul Massey.
The first two floors are completely vacant. Of the units, only four are completely occupied. The property contains approximately 16,320 s/f.
The transaction occurred at a capitalization rate of 4.38% and a gross rent multiple of 15.96. The building sold for $631.13 per square foot to a city investor.
Massey Knakal and Nicole Carra of NLC Realty LLC Associates were the brokers in this transaction.