Nelson, Gotch, Simons and D'Andrea of MK sell three props. amounting to $20.775m

James Nelson, of Massey Knakal Realty Services, and his sales team, consisting of Brendan Gotch, Billy Simons, and Rich D'Andrea, sold three separate East Village properties for total sales price of $20.775 million. He was assisted by Joe Sitt and John Ciraulo of Massey Knakal, for two of the deals at 306 East 15th St. and 78 East 2nd St. 644 East 14th St. is a development site on the southwest corner of East 14th St. and Avenue C. The lot measures 114'9" x 88' and has a total buildable s/f of 36,125 s/f for residential use or 68,262 s/f for a community facility. This property sold to a LLC controlled by Arun Bhata in an all cash transaction valued at $12.3 million. 306 East 15th St. is a five-story, 7,425 s/f, townhouse. The property was sold by an affiliate of Cofinance Inc. The buyer, Stuyvesant Sq. Brownstone LLC, will develop the property into an Orthopedic Learning and Research Center with residential use above. This property sold in an all cash transaction valued at $5.175 million. 78 East 2nd St. is a five-story townhouse, located on the north side of East Second St. The three-family property, which was delivered vacant, has windows on all three sides. The all cash transaction was valued at $3.3 million. The buyer was represented by Felise Gross at Brown Harris Stevens. "In today's market, buyers are differentiating themselves by offering quick, all equity closes," said Nelson. "In the current lending environment, even when buyers elect to obtain financing, sometimes the loan to values can be as low as 50% as was the case for the third closing, which was a development site at 644 East 14th St."