Gammino and Knakal of Massey Knakal broker $15 million sale at 530 and 534 East 88th Street

Two five-story elevator apartment buildings at 530 and 534 East 88th St., located on the south side of East 88th St. on the Upper East Side, were sold in an all cash transaction valued at $15 million. Combined, the properties feature 150 ft. of frontage, 73 residential units and 57,000 gross s/f. The unit breakdown consists of 19 studios, 28 one-bedroom units, and 26 two-bedroom units. Of the 72 units, 46 are free market, 18 are rent stabilized and nine are rent controlled. "Due to low rents, this transaction required a large amount of equity to be put down in conjunction with any initial financing. The fact that competitive high offers were received throughout the marketing process is indicative of the strong market appetite for quality product. Although many converters were interested in the properties, they were ultimately purchased by a local investor," said Massey Knakal VP of sales Thomas Gammino who exclusively handled this transaction with chairman and founding partner Robert Knakal. Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 2001, our agents have closed over 2,000 transactions, with an aggregate value of approximately $10 billion.