Massey Knakal sells East Side elevator portfolio for $126.25 million; Team of Knakal, Gammino, Jr., Garvin and DeCheser

The East Side Elevator Portfolio, consisting of five trophy assets on the east side of the borough, has been sold by Massey Knakal in transactions with an aggregate value of $126.25 million. The portfolio features one property in the East Village and four properties on the Upper East Side and consists of 267 units. The portfolio consists of 264 residential units, two commercial units, and one professional unit totaling 144,043 s/f. Of the 264 units, 196 are fair market while 68 are rent stabilized. The unit mix consists of 59 studios, 152 one-bedrooms, 28 two-bedrooms, 19 three-bedrooms, and six four-bedrooms. The properties represent some of the most premier assets within their respective locations. "The multifamily sector has always been the most active in the city and today is no different. The interest in these properties was from every corner of the globe and from a widespread array of buyer types," said Massey Knakal chairman Bob Knakal, who exclusively handled the transactions with Thomas Gammino, Jr., Guthrie Garvin, and Michael DeCheser. The properties were sold in two separate transactions but, ultimately, the entire portfolio was sold which was the objective of the sellers from the outset. 176 East 3rd Street, located between Avenues A and B, is a six-story building containing approximately 43,520 s/f on a 99.25' x 105.92' lot. It consists of 48 residential, one professional, and one commercial unit. 420 East 66th Street, located between First and York Avenues, is a five-story building that contains approximately 19,370 s/f on a 50' x 100.42' lot, with 39 residential units. 336 East 81st Street, located between First and Second Avenues, is a six-story building that contains approximately 25,700 square feet on a 65' x 102.17' lot, with 64 residential units. 344 East 85th Street, located between First and Second Avenues, is a six-story building that contains approximately 34,300 square feet on an 80' x 102.17' lot, with one commercial and 64 residential units. 404 East 88th Street, located between First and York Avenues, is a six-story building that contains approximately 21,153 square feet on a 51' x 100.67' lot, with 49 residential units. The properties were sold in two separate transactions but, ultimately, the entire portfolio was sold which was the objective of the sellers from the outset.