Little will change in the wake of the sale, according to Knakel. "The new owner will continue to run it as a residential portfolio," he tells GlobeSt.com. The previous management team, R A. Cohen, did not transfer with the deal: buyer Singer will self-manage the units.

Located at W. 109 St. and Broadway, the portfolio of five-story buildings consists of 93 rent-stabilized units, 26 rent-controlled units and eight decontrolled units; the remaining units are used for building supervisors. Four of the apartments are studios, 21 are one-bedrooms, 85 are two-bedrooms, 30 are three-bedrooms, and seven are four-bedroom apartments. All units have walk-up access only. The red-brick structures were built in the 1920s.

Gross rent on the package is approximately $1.6 million, yielding a net operating income of $1.1 million. "We were very pleased to achieve a record price level of almost 10 times the gross rent for walk-up buildings in this area," says Knakal. "A desire for liquidity by the LLC prompted this transaction."