Gammino and Massey of Massey Knakal broker $10.3 million sale

Massey Knakal Realty Services has sold a five-story, elevatored apartment building with 30 residential units at 44 East End Ave. on the Upper East Side in a transaction valued at $10.3 million. The 51' x 64' property is located on East End Ave. between East 81st and East 82nd Sts. The property contains 16,320 s/f. The transaction occurred at a capitalization rate of 4.38% and a gross rent multiple of 15.96. The building sold for $631.13 per s/f to a city investor. "The building had been family-owned for 50 years. The roof is only a year old," said Massey Knakal broker Tom Gammino, who represented the seller with CEO Paul Massey. Massey Knakal Realty Services and Nicole Carra of NLC Realty LLC Associates were the brokers in this transaction.

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