Sozio, Shkury and Tortorici of Massey Knakal handle $2.2 million sale; Reps both seller, 2006 Equities, and buyer, 2006 Amsterdam Realty

Victor Sozio, Shimon Shkury and Michael Tortorici of Massey Knakal brokered the sale of 2006 Amsterdam Ave., a 50' wide, six-story mixed-use building located in Washington Heights. The property sold in an all cash transaction for $2.2 million. The price achieved represents $115,000 per unit, $132 per s/f, and a 7.38 gross rent multiple. After taking into account a tax abatement that is in place today but set to expire in 2013, the capitalization rate is 7.5%. The building contains 19 units in total, of which there are 17 rent-stabilized apartments and two ground floor retail units. "Given its excellent condition, stable cash-flow, and readily available financing from New York based lenders, 2006 Amsterdam attracted significant interest and excellent bidding activity," said Victor Sozio, the director of sales who led the marketing efforts. The Northern Manhattan Team represented both the seller, 2006 Equities Inc, and the buyer, 2006 Amsterdam Realty Associates LLC.