NEW YORK CITY—The East Side Elevator portfolio—consisting offive trophy multifamily assets on the east side of Manhattan—hasbeen sold by Stonestreet Properties in two transactions with anaggregate value of over $126 million, according to Massey KnakalRealty Services, which handled the deal exclusively.

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The portfolio features one property in the East Village, whichwas purchased by multifamily buyers Nader and Lisa Shalom. Theremaining four properties, which all are on the Upper East Side,were acquired by Trevi Retail, which is making its foray into theapartments space.

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“We're seeing people go out of their comfort zone,” MasseyKnakal Realty Services chairman Bob Knakalwhoexclusively handled the transactions along with his firm's ThomasGammino Jr., Guthrie Garvin and Michael DeCheser—tells GlobeSt.com.“Trevi had bought only retail before but they liked the multifamilyspace.”

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He adds, “We have clients now who are looking at retail eventhough they've only bought multifamily or office in the past.People are becoming disgruntled with the yield in their sector sothey want to get in on the action that they believe is going on inother areas of commercial real estate.”

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The 267-unit portfolio features one property in the East Villageand four properties on the Upper East Side. It consists of 264residential units, two commercial units, and one professional unittotaling approximately 144,043 square feet. Of the 264 units,196 are fair market while 68 are rent stabilized. The unit mixconsists of 59 studios, 152 one-bedrooms, 28 two-bedrooms, 19three-bedrooms, and six four-bedrooms.

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Located between Avenues A and B, 176 E. 3rd St. is asix-story building containing approximately 43,520 squarefeet. It consists of 48 residential, one professional, andone commercial unit. The five-story 420 E. 66thSt., located between First and York avenues, is a five-storybuilding that contains approximately 19,370 square feet with 39residential units.

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There are 64 residential units at 336 E. 81st St.,which is located between First and Second Avenues. The six-storybuilding features approximately 25,700 square feet. Meanwhile, 344E. 85th Street, located between First and Secondavenues, is a six-story building that contains approximately 34,300square feet, with one commercial and 64 residential units.

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Lastly, 404 E. 88th St. is a six-story building thatcontains approximately 21,153 square feet, with 49 residentialunits. It's situated between First and York avenues.

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“The multifamily sector has always been the most active in thecity and today is no different,” says Knakal. “The interest inthese properties was from every corner of the globe and from awidespread array of buyer types.”

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.