The properties include: 463-467 W. 159th St.; 2180-2182Amsterdam Ave.; 503-507 W. 176th St.; 531 W. 179th St.; 704 W.180th St.; 559-561 W. 183rd St.; 510-524 W. 184th St.; 507 W. 184thSt.; 515 W. 184th St.; 516-520 W. 188th St.; 283-285 Audubon Ave.;70-72 Pinehurst Ave.; 500 W. 190th St.; and 234-236 E. 118th St.Shimon Shkury, partner in Massey Knakal, tells GlobeSt.com thepurchase price represents approximately $115,000 per unit, with acap rate of 5.5%.

"The rents in this portfolio are relatively low compared to whatthe market will bear," says Shkury, who handled the sale along withbroker Rob Shapiro and Massey Knakal chairman Robert Knakal, thelead broker on the deal. He adds that the unidentified buyer, along-term holder who owns other assets in northern Manhattan,"clearly saw the value in this portfolio."

Combined, the properties contain approximately 418,230 sfincluding 500 residential apartments, five super units and 12commercial units. Twenty of the properties are five-storybuildings, while the remaining building has six floors. Shkury saysthat in northern Manhattan, the multifamily market represents "themost stable asset class. It's usually a rent-stabilized asset, andrents have gone up dramatically in the past few years, so thatpresents an upside opportunity in each one of these buildings. Theaverage building has anywhere between 55% and 70% of market rents,meaning anywhere from 30% to 45% of upside. If you buy this type ofasset, your downside is known and protected, assuming expensesdon't go much higher. In this kind of environment, that's exactlywhat investors are looking for."