Knakal and Gammino of Massey Knakal broker $60 million sale; four-story, 60,000 s/f building located at 1511 Third Avenue

A four-story building located at 1511 Third Ave., on the northeast corner of Third Ave. and East 85th St., has been sold by Massey Knakal Realty Services. The building was sold in a transaction valued at $60 million. The 60,000 s/f subject property is an Italian Renaissance Revival landmark. It is located one block south of East 86­ St., one of the busiest and most important retail arteries on the Upper East Side, and has 76.62 ft. of frontage on Third Ave. and 125 ft. on East 85th St. The building is fully leased to two tenants: the Gap, which houses their Upper East Side flagship on the ground floor and basement, and Equinox, which leases the upper three floors as well as the basement. Both tenants have long-term leases. "The demand for assets like this has been outstanding recently. We had many highly qualified buyers fighting over this asset. I wish we had a few more of these!" said Massey Knakal chairman Bob Knakal, who exclusively handled this transaction with vice president Thomas Gammino. The buyer and seller were not disclosed.