Tortorici, Shkury and Sozio of Massey Knakal handle $1.65 million sale; Represented both buyer, Jareek Properties, and seller

Michael Tortorici, Shimon Shkury, and Victor Sozio of Massey Knakal completed the sale of 208 East 124th St., a 25' wide, five-story walk-up residential building located in East Harlem. The property sold in an all-cash transaction for $1.65 million and is the fifth walk-up building of its kind to trade in East Harlem all year. This price achieved is especially notable since 4 of the 15 apartments have been vacant for several years and were in need of rehabilitation estimated to cost several hundred thousand dollars. The rest of the building had a solid structure and was otherwise well maintained. With projections for the converted units the price translates to eight times the gross rent. "With so few income producing properties on the market, 208 East 124th St. received a tremendous amount of attention and attracted over 15 offers during our marketing process," said Tortorici, the sales team manager who led the team's marketing efforts. The Northern Manhattan team represented both the seller, a private owner, and the buyer, Jareek Properties LLC.