Massey Knakal finished off a relatively quiet summer with a sizable residential portfolio deal.
In August, the company brokered the sale of the Alcoma Portfolio, a package of six Manhattan apartment buildings, for $80.15 million, according to Massey Knakal’s co-founder Bob Knakal.
The seller was the Alcoma Corporation, a nonprofit organization that has ties to the Heckscher Foundation, which spearheaded a well-known project to raise $133 million to preserve the city’s athletic fields.
The buyer, listed as Fairline Associates, does not have any immediate plans for the properties, according to Mr. Knakal.
“They are going to keep the buildings as rentals,” he told The Observer.
For a summer that started out strong for the real estate market, but has since been plagued by credit and subprime mortgage woes, the deal was impressive.
All told, the transaction included 207 residential units, 11 commercial units and approximately 160,500 square feet.
There are four properties with elevators: 113-115 East 72nd Street; 200 East 26th Street; 210 East 38th Street; and 328-330 East 52nd Street; and two walk-up properties: 210-216 West 79th Street and 701-703 Ninth Avenue.
The price per square foot was not too shabby either, coming in at $499, solidly within the averages for the current investment-sales market. Mr. Knakal was not all that surprised.
“Multifamily properties of this nature are the most sought-after property in the city these days,” he said.
In 2004, Massey Knakal brokered the $179 million sale of seven apartment buildings throughout Midtown West and the Upper East Side. The package, owned by the Macklowe family, became known as the Macklowe Portfolio. The transaction consisted of 362 residential and commercial units and comprised almost 375,000 square feet.
Follow Mark Wellborn via RSS.