Ciraulo and Waggner of Massey Knakal broker $15.5 million sale; For two six-story apartment buildings in the East Village

Two adjacent walk-up apartment buildings at 73 and 75 East 3rd St., located between First and Second Aves. in the East Village, was sold in an all-cash transaction valued at $15.5 million. Combined, the two six-story buildings are 22,092 total above grade s/f and have 50 ft. of frontage along East 3rd St. In total, there are 49 one-bedroom apartments, of which, four are rent controlled and the remaining 45 units are all free market. Massey Knakal vice chairman and partner John Ciraulo exclusively represented the seller in this transaction along with director of sales Craig Waggner. The buyer was represented by Tim Crowley of Flank Brokerage, LLC. All 45 free market units have been renovated to include new hardwood floors, marble tiles in the bathrooms, granite countertops and new appliances including dishwashers in the kitchens and washer/dryer in the units. Most of the units also benefit from exposed brick. "The purchaser was a foreign national from Italy who had sold a property and used the proceeds in a tax deferred 1031 exchange. New York City commercial real estate continues to be perceived by foreign investors as providing the best opportunity for capital appreciation and multifamily investments are the preferred sector today. It has historically been viewed as a safe haven for both foreign and local investor's," said Ciraulo. Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,000 transactions having a market value in excess of $14 billion.