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Multifamily Deals Total $30M

NEW YORK CITY-Two of the deals are in Westchester, two in Brooklyn and one in Harlem. The transactions repreent a variety of asset types.

By Sean Ryan | Updated on June 15, 2007

NEW YORK CITY-Five multifamily and development deals have put nearly $30 million in real estate in different hands. Massey Knakal Realty Services brokered all five all-cash deals.

The single biggest deal was the $8.5-million sale of 102 of the co-op units at 11 Park Ave. in Mount Vernon. The 138-unit building, built in 1969, had 75% of its controlling interest change hands for $88.03 per sf. The units totaled 96,556 splits among 13 studios, 24 one-bedrooms, 54 two-bedrooms and 11-three-bedrooms, with 42 units rent-stabilized.

Manhattan investors bought the units from the private seller in an all-cash deal. “The buyer came to us with the help of a co-broker,” says Cheryl Cove of Massey Knakal, “which was perfectly logically since they already own other substantial holdings in the area.” Cove and James Nelson represented the seller, and brokered the deal with Deborah Gutoff of Eastern Consolidated.

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