"It's given history of stable return that made the buy a good choice," Nelson tells GlobeSt.com. The building has maintained annual revenue of $555,000 with a net operating income of $443,000, Massey Knakal reports.
Nelson says no changes are planned for the current rental layout. The property functions under a C-Corp. leasing structure: 17 of the units are market-rate rentals, while the other six are retained as rent-regulated co-op apartments.
The 13,000-sf structure was built at the turn of the century and was most recently renovated five years ago. It will continue to be self-managed under the new ownership.
In a separate transaction, Massey Knakal negotiated the sale of 109-111 Lexington Ave., a four-story, 4,680-sf building with a commercial ground floor and two triplex apartments above. The property was sold to an unnamed buyer for $2.1 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
