Burton of Massey Knakal sells two contiguous five-story loft buildings

Two contiguous five-story loft buildings at 65-67 Greene St. in the borough's SoHo neighborhood were sold by Massey Knakal Realty Services in an all-cash transaction valued at $15.675 million. Both 25 ft. wide properties are located on the west side of Greene St. between Spring and Broome Sts. Combined, they contain 21,321 s/f. There is a gallery occupying the ground floor space at 65 Greene until 2012, and a ground floor tenant in 67 Greene, an Interim Multiple Dwelling (IMD) tenant in litigation. The above floors contain five IMD tenants, three spaces that will be vacated within a year of the closing and one commercial space with a lease that expires in April 2008. 65 Greene has an elevator and 67 Greene is a walk-up. There is also 4,304 s/f of air rights. The transaction occurred at a capitalization rate of 2.62% and a gross rent multiple of 28.77. The property sold for $735.19 per s/f to a local investor. "The properties sold at 28 times the rent," said Massey Knakal broker Robert Burton, who exclusively represented the seller. "They will contribute to the buyer's portfolio as a trophy pieces because of their unique and classic SoHo loft architecture." Massey Knakal was the sole broker in this transaction.