"Our goals for the transaction were twofold: preserving the affordability of the apartment units while maximizing sale proceeds to the seller," says Tim Overland, managing director of affordable housing at Security Properties, a private Seattle-based multifamily investment group, in a release. "We feel that both goals have been met."

The buildings are known as Met Paca I and Met Paca II, and operate under a Section 8 rent subsidy contract with HUD. The new owner will continue to maintain the portfolio as affordable housing, the release states.

Massey Knakal's Shimon Shkury represented Security Properties in the deal. It was reportedly the largest Northern Manhattan real estate sale of 2009, topping the previous sale of 1428 Fifth Ave. for $21.95 million, also arranged by Shkury and his team. In the release, Shkury, a partner with Massey Knakl, observes, "The buyer and seller struck an excellent deal, and the neighborhood will continue to have an outstanding portfolio of buildings maintained as affordable housing."