Garvin and Massey of MK sell Manhattan co-op building for $6.9m

A six-story co-op building delivered with one free market tenant in place at 128 East 62nd St. on the Upper East Side was sold by Massey Knakal Realty Services (MK) in a transaction valued at $6.9 million. The 20-ft. wide property is located on the south side of East 62nd St. between Park and Lexington Aves. It contains 7,890 s/f including the penthouse. 100% of the shares of the corporation were sold. The transaction occurred at a capitalization rate of 1.61% and a gross rent multiple of 34.61. The property sold for $874.52 per s/f. MK broker Guthrie Garvin exclusively represented the seller with CEO Paul Massey. The firm was the sole broker in this transaction. The firm also recently completed two additional sales in Brooklyn: 89 Douglass St. and 175 North 10th St. The seven-unit walk-up building at 89 Douglass St. in the Carroll Gardens neighborhood recently traded in an all-cash transaction valued at $1.4 million. The property is located on the north side of Douglass St. between Smith and Hoyt Sts. In addition to its 4,300 s/f, 1,200 s/f of air rights are available. Of the seven tenants, four are rent stabilized, one is rent controlled and two are free market. The transaction occurred at a capitalization rate of 5.08% and a gross rent multiple of 13.53. The property sold for $325.58 per s/f to a local user. MK broker Ken Freeman exclusively represented the seller with Nick Arnold of Corcoran. A one-story, 50' x 100' warehouse at 175 North 10th St. on the north side of the Williamsburg neighborhood, was sold by MK in a transaction valued at $2,350,000. The MX-zoned development site allows for 13,500 buildable s/f, of which 10,000 s/f can be used for commercial purposes. The property sold for $174.07 per buildable s/f to a Brooklyn developer after less than three months on the market. MK broker Mark Lively exclusively represented the seller. The firm was the sole broker in this transaction.