Shkury of Massey Knakal sells 10-unit residential bldg. for $2.35m

According to real estate broker Shimon Shkury of Massey Knakal, his northern Manhattan team has sold 118 West 114th St. to an international investor for $2.35 million. The property is a five-story, 10-unit residential building in central Harlem featuring five rent stabilized and five free market apartments. Representing over 13.25 times the gross rent roll and a 5.25% capitalization rate, such a price strongly suggests that building prices are holding despite the conservative financial markets. "The rent multiple and cap rate we saw in the sale of 118 West 114th St. are on target with figures we saw in 2007," said Shkury, who led the sales effort. "Buyers need to come in with more equity but are not hesitating to do so when they see opportunities to capture upside." "With few buildings trading in northern Manhattan, the sale of 118 West 114th St. offers sellers and investors a snapshot of the market's potential," Shkury said.