Ferguson of Massey Knakal Realty brokers $2.788 million building sale

A five-story, mixed-use apartment building at 70 West 106th St. on the west side was sold by Massey Knakal Realty Services for $2.788 million. The 25 ft. by 70 ft. irregular property is located on the south side of West 106th St. between Columbus and Manhattan Aves. It contains 14 residential units, of which 13 are rent stabilized and one is rent controlled. All of the units are one-bedrooms. The building also contains two ground floor stores including a barber shop and a hardware store, both of which were delivered vacant. The property contains 8,090 s/f. The average rent per month is $1,087. The transaction occurred at a capitalization rate of 4.91% and a gross rent multiple of 13.50. The property sold for $344.62 per square foot to a Manhattan restaurateur. "The new owner intends to work over much of the building and improve and upgrade many of its amenities," said Massey Knakal broker Meyrick Ferguson, who exclusively represented the seller. Massey Knakal Realty Services and Joe Annunziata of Intown Realty were the brokers.