NEW YORK CITY-GFI Realty Services brokers Yosef Katz and Barak Jacobov have closed the sale of seven contiguous buildings in the Kips Bay section of Manhattan for $71.5 million. Silverstone Property Group was the buyer of this 146 apartment and eight-store package. The properties—which extend from the corner of third avenue to east 33rd street, were transacted at 15 times the rent roll.

The property addresses are 489, 493 and 495 Third Ave., and 203, 205, 207 and 211 E. 33rd Street. There are approximately 60,000 square feet of available air rights across the seven properties. The residential units are 60% free market, while the commercial units are occupied by local retailers. The buildings were held under long-term ownership before being traded to Silverstone who was already active in the area, recently purchasing 247 East 28^th Street also known as The Grayson, a 128 unit apartment building. Katz represented the buyer and Jacobov represented the sellers, a group of local investors.

“The new owners are seeking to capitalize on the upside in the rental income through renewing the asset with capital improvements,” says Katz, also a director at GFI.