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REGO PARK, NY-A Manhattan-based investment company has picked up the two-building Wetherole residential portfolio here in an all-cash transaction valued at $33 million. The two elevatored apartment buildings are at 65-50 Wetherole St. and 99-44 62nd Ave.

Massey Knakal Realty Services was the sole broker. 65-50 Wetherole is a six-story site with 146 apartments and 72 indoor parking spaces. The $23.5 million transaction occurred at a capitalization rate of 4.62%. It sold for $162.69 per sf. The other site, 99-44 62nd Ave. is a six-story building with 62 apartments and 16 indoor parking spaces. That $9.5 million transaction had cap rate of 4.05%. The propertysold for $182.69 per sf.

“This was a huge sale with tremendous upside potential,” explains Massey Knakal partner Thomas Donovan, who exclusively represented the seller. According to the brokerage, both were in immaculate condition, well-maintained and had been family-owned for many years. A firm spokesperson tells GlobeSt.com that the portfolio was “pretty much sold before it even went on the market.”

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