Smadbeck, Brumback, and Gammino of MK close three deals: $9.85m total

Massey Knakal Realty Services (MK) has recently completed three sales totaling $9.85 million. A five-story walk-up apartment building that recently sustained damage from a fire at 42 West 65th St. on the Upper West Side was sold in an all-cash transaction valued at $5.6 million. The 25-ft. wide property is located on the south side of West 65th St. between Central Park West and Broadway. It contains 20 units over 9,905 s/f and was delivered vacant. Of the 20 apartments, 10 are studios and the other 10 are two-bedrooms. Each floor is configured as four apartments. Only five of the tenants occupying the building before the fire have indicated an intention to return. The property sold for $565.37 per s/f to a multifamily owner from Westchester who intends to renovate and keeping it as a predominantly market rate rental building. MK broker Paul Smadbeck exclusively represented the seller. MK was the sole broker in this deal. In a second transaction the firm sold a two-story commercial building that recently operated as one of the largest pool hall in the eastern U.S. Located at 5905 Broadway in the Kingsbridge neighborhood of the Bronx the property traded in a transaction valued at $3 million. The 100' x 100' property is located on Broadway between 240th and 242nd St. at the southwest corner of Van Cortland Park. The former factory and parking garage was most recently being operated as a pool hall. The 20,000 s/f vacant property boasts high ceilings and is located near many transportation arteries and Manhattan College. It sold for $150 per s/f to the Words of Life Church. MK broker Karl Brumback exclusively represented the seller. MK was the sole broker in this deal. MK has also sold the existing Mamaroneck Train Station of the MTA/Metro-North Railroad in the village of Mamaroneck in Westchester County in a transaction valued at $1.25 million. The 125' x 33' property is located near the Mamaroneck Ave. shopping district and four new condominium projects that, once completed, will add more than 270 units to the neighborhood. The two-story train station contains 8,250 s/f and was delivered vacant. A few dozen parking permits in the nearby Bishop Ave. lot are available from the village if the purchaser wishes to negotiate for the permits. The property sold for $151.52 per s/f to Verco Properties in the Bronx, which has plans to put a restaurant on the ground floor and offices above. MK was hired to dispose of excess MTA/Metro-North properties three years ago. MK broker Thomas Gammino exclusively represented the seller. MK and Tom Sheehan of CBRE were the brokers in the transaction.