NEW YORK CITY—The East Side Elevator portfolio—consisting of five trophy multifamily assets on the east side of Manhattan—has been sold by Stonestreet Properties in two transactions with an aggregate value of over $126 million, according to Massey Knakal Realty Services, which handled the deal exclusively.
The portfolio features one property in the East Village, which was purchased by multifamily buyers Nader and Lisa Shalom. The remaining four properties, which all are on the Upper East Side, were acquired by Trevi Retail, which is making its foray into the apartments space.
“We're seeing people go out of their comfort zone,” Massey Knakal Realty Services chairman Bob Knakal—who exclusively handled the transactions along with his firm's Thomas Gammino Jr., Guthrie Garvin and Michael DeCheser—tells GlobeSt.com. “Trevi had bought only retail before but they liked the multifamily space.”
He adds, “We have clients now who are looking at retail even though they've only bought multifamily or office in the past. People are becoming disgruntled with the yield in their sector so they want to get in on the action that they believe is going on in other areas of commercial real estate.”
The 267-unit portfolio features one property in the East Village and four properties on the Upper East Side. It consists of 264 residential units, two commercial units, and one professional unit totaling approximately 144,043 square feet. Of the 264 units, 196 are fair market while 68 are rent stabilized. The unit mix consists of 59 studios, 152 one-bedrooms, 28 two-bedrooms, 19 three-bedrooms, and six four-bedrooms.
Located between Avenues A and B, 176 E. 3rd St. is a six-story building containing approximately 43,520 square feet. It consists of 48 residential, one professional, and one commercial unit. The five-story 420 E. 66th St., located between First and York avenues, is a five-story building that contains approximately 19,370 square feet with 39 residential units.
There are 64 residential units at 336 E. 81st St., which is located between First and Second Avenues. The six-story building features approximately 25,700 square feet. Meanwhile, 344 E. 85th Street, located between First and Second avenues, is a six-story building that contains approximately 34,300 square feet, with one commercial and 64 residential units.
Lastly, 404 E. 88th St. is a six-story building that contains approximately 21,153 square feet, with 49 residential units. It's situated between First and York avenues.
“The multifamily sector has always been the most active in the city and today is no different,” says Knakal. “The interest in these properties was from every corner of the globe and from a widespread array of buyer types.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
