Knakal and Simone of Massey Knakal close $31 million note sale

Massey Knakal Realty Services has closed on the sale of a senior note collateralized by two large apartment buildings located at 530-540 East 169th St. at the corner of 169th St. and Third Ave., and 480 East 188th St. at the corner of 188th St. and Washington Ave. The note was sold in a transaction valued at $31 million. 530-540 East 169th St., also known as the Robert Fulton Terrace, is a 17-story building which has over 400 ft. of frontage on Third Ave. and 266 ft. of frontage on East 169th St. 480 East 188th St., also known as the Fordham Towers, is a 15-story, block-through corner property with 248 ft. of frontage on East 188th St. and 194 ft. frontage on Washington Ave. These buildings contain a total of 434,000 gross s/f. Both buildings are elevatored and have a combined total of 490 residential units, one commercial unit, and 258 parking units. "This was a complicated transaction given the dynamics of the assets and how long the note was in default but, ultimately, the buyer was able to work their way through this quagmire to structure a smart acquisition," said Massey Knakal chairman, Bob Knakal, who handled this transaction exclusively with first vice president of sales, David Simone. Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.