Massey Knakal Finances 144 Residential Unit Sales Deal at The Corinthian

NEW YORK CITY—Massey Knakal Realty Services reports it has arranged the sale and financing of a portfolio of 144 residential units in The Corinthian building at 645 First Ave. in the Murray Hill section of the city in an all cash transaction.

Acquisition and construction financing with a commitment amount of $125 million was arranged by Massey Knakal Capital Services, with an initial funding of $115 million, company officials say. The sale price cashes out to approximately $975 a-square-foot. The transaction was handled exclusively by Massey Knakal Chairman Bob Knakal and Vice Chairman John Ciraulo.

Last week, Globest.com reported that commercial real estate investor Gaia Real Estate purchased the 144 condos at the property.

The portfolio consists of 144 residential condominium units within the 57-story building, with an aggregate unit size of approximately 150,747 square feet. The units are spread throughout the building and consist of nine studios, 91 one-bedrooms, 30 two-bedrooms, and 14 three-bedrooms. Of these 144 condominium units, 90 have been renovated over the last few years. 

“Within the multifamily sector today, sales are often impacted by a condominium conversion exit strategy. This asset was already teed up as a condo allowing for a very flexible operating strategy as a rental block, selling units or a combination of both,” says Knakal.

Ciraulo notes, “This burgeoning sub-market continues to improve and is ready to explode.”

In October 2009, Knakal and Ciraulo sold the garage component of the property for $10.25 million to Alliance Parking and in June of 2011 the two Massey Knakal executives sold the 81,000-square-foot medical condominium at The Corinthian for $31 million to ProMed.