The deal is the first exclusive sold by the newly formed brokerage firm of Reilly Mann Newell Realty Group. Partner Jim Mann, who sold the property in 1993 to the current seller for $487,000, says the price represents an increase in value of more than 800% and is 17 times the gross rent-roll. Mann says he is selling at "record prices." He tells GlobeSt.com that the firm is selling a similar West Village type of property for $5.4 million that Mann brokered in 1995 for $768,000. He also says an elevator building that he sold in 2002 on W. 108th Street for $5.9 million just changed hands for $10.4 million. Mann notes that all apartment buildings seem to be commanding very low cap rates and will continue to do so as long as interest rates remain low.

Dee Betsill of the Corcoran Group procured the purchaser; the seller's attorney was Stuart Rich and the purchaser's Adam Stone. Earlier this year, Brian Reilly, Jim Mann and Wells Newell joined forces to create the privately owned Reilly Mann Newell. Prior to founding the firm, the three were associate brokers at John Anthony Group where, since 2000, they had consummated more than 100 transactions in excess of $500 million.