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ELMHURST, NY-Further evidence that we’re headed for an economic upswing–a seven building portfolio in this Queens area sells for $57.5 million. Not only that, but more than 50 offers were received on the apartment buildings over a two-month period. Manhattan-based Massey Knakal Realty Services was the sole broker in the transaction; the seller and buyer were not disclosed.

The Metropolitan Portfolio consists of seven elevatored pre-war apartment buildings, six of which here and one of which is in the Sunnyside section the borough. The properties included 40-15, 40-25, 40-35, 40-45 Hampton St., 84-49 and 85-05 Elmhurst Avenue and 45-35 44th Street. The portfolio contains 454 apartments totaling 1,365 rooms. The average monthly charge per apartment was $1,011 and the average monthly charge per room is $336.48.

“We received over 50 offers for this portfolio in two months,” notes Thomas Donovan, executive director of Massey Knakal who along with chairman, Robert Knakal and CEO Paul Massey were exclusively retained by the sellers of the portfolio. This transaction occurred at a capitalization rate of 6.28% and a gross rent multiple of 10.16.

In another all-cash transaction, the loft and retail property at 157 West 24th St sells for approximately $1.5 million. The more than 4,000-sf building is a four-story, 25 ft wide wide, loft building with ground floor retail. The building contains a total of justover 4,000 sf. The building has high ceiling heights throughout and could serve as a prime user or conversion opportunity, according to Massey Knakal.

And citing that “demand for retail-oriented properties in the Bronx is significant at the present time,” Marco Lala, managing director of Massey Knakal notes the sale of 839 Prospect Ave. for the $1.3 million. The building was constructed in 1993 and consisted of seven retail tenants. The building contained a total square footage of approximately 9,625 sf. Tenants include a pizzeria, pharmacy, video store, nail salon and a Chinese restaurant.

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