Lala of Massey Knakal closes $13m sale of 618-628 W. 151st St.: 62,604 s/f

Massey Knakal Realty Services (MK) recently completed three sales totaling $17.89 million. MK has sold a 150 ft. wide elevatored apartment building at 618-628 West 151st St. in the Washington Heights neighborhood in an all-cash transaction valued at $13 million.The six-story, 64-unit property is located to the west of Broadway. The property contains 62,604 s/f. The transaction occurred at a capitalization rate of 6.39% and a gross rent multiple of 11.56. The property sold for $207.65 per s/f to a private investor from Westchester. MK partner/managing director Marco Lala exclusively represented the seller and the firm was the sole broker. Two contiguous mixed-use properties at 169-07/09 Jamaica Ave. in the Jamaica section of Queens were sold in an all-cash transaction valued at $2.09 million. The three-story properties are located on the north side of Jamaica Ave. between 169th and 170th Sts. in the Jamaica Center. Combined, the properties consist of 2,800 s/f of retail space and eight one-bedroom apartments, two of which are under renovation. The lease for the retail space, held by Sleepy's, was signed by their parent company with two five-year options. The properties contain a total of approximately 8,400 s/f. The transaction occurred at a capitalization rate of 7.01% and a gross rent multiple of 10.29. The properties sold for $248.81 per s/f to a Queens investor. MK broker Brian Sarath exclusively represented the seller with chairman Robert Knakal and the firm was the sole broker. A 55 ft. wide industrial building with 5,000 s/f of factory floor space on the first level and 5,000 s/f of office and warehouse space on the second level at 11-42 46th Rd. in the Long Island City section of Queens was sold by MK in an all-cash transaction valued at $2.8 million. The 10,000 s/f commercial site is located on the south side of 46th Rd. between 11th and 21st St. The space features 14' ceilings and a load-up door and loading bay, with a partial basement for storage. It was delivered vacant and sold for $280 per s/f to a pipe/tank company from Manhattan. MK broker Alfonso Holloman exclusively represented the seller and Marcia Taranto of Sotheby's International Realty were the brokers in this transaction.