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3-5 King St. All-Cash Sale Nets $4.9M

NEW YORK CITY-King St. Residential Corp. sells the 23-unit C-Corp.-structured building to Sleepy Hudson LLC, which will retain the current rent-regulated/free-market leasing structure of the building. The turn-of-the-century complex was renovated five years ago.

By Michael Gilliard | Updated on August 26, 2002

NEW YORK CITY-In an all-cash transaction that closed just two weeks ago, King St. Residential Corp. has sold the 23-unit residential building at 3-5 King St. to Sleepy Hudson LLC for $4.9 million. Massey Knakal Realty Services’ director of sales James Nelson and broker Robert Burton exclusively represented both sides of the transaction.

“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.

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