The Metropolitan Portfolio consists of seven elevatored pre-warapartment buildings, six of which here and one of which is in theSunnyside section the borough. The properties included 40-15,40-25, 40-35, 40-45 Hampton St., 84-49 and 85-05 Elmhurst Avenueand 45-35 44th Street. The portfolio contains 454 apartmentstotaling 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 alongwith chairman, Robert Knakal and CEO Paul Massey were exclusivelyretained by the sellers of the portfolio. This transaction occurredat a capitalization rate of 6.28% and a gross rent multiple of10.16.

In another all-cash transaction, the loft and retail property at157 West 24th St sells for approximately $1.5 million. The morethan 4,000-sf building is a four-story, 25 ft wide wide, loftbuilding with ground floor retail. The building contains a total ofjustover 4,000 sf. The building has high ceiling heights throughoutand could serve as a prime user or conversion opportunity,according to Massey Knakal.