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NEW YORK CITY-Massey Knakal Realty Services along with Mark Zborovsky & Co. Inc. closed the sale of two contiguous, pre-war apartment buildings on West 55th Street between Fifth and Sixth avenues in Midtown Manhattan. The properties were sold to local investors. Shimon Shkury, managing partner for the company, tells GlobeSt.com that the transaction value was above $50 million.

“The buyer is an international fund with a value-add approach to real estate transactions in Manhattan,” Shkury tells GlobeSt.com. He couldn’t disclose any further information pertaining to the buyer at this time.

Shkury and Michael Tortorici, of Massey Knakal Northern Manhattan, headed the sales team, which also included Mark Spinelli, a director of sales specializing in Midtown, and Robert Knakal, the firm’s chairman and managing partner. Shkury says the projected income for the buildings is $2.8 million–$2.2 million in residential income and $638,350 in commercial income.

“The two buildings at 15-19 W. 55th St. present the buyers with a number of excellent investment options,” Shkury notes. “The current zoning gives them the flexibility to buy and hold, or convert the property to a hotel or condominium development.”

Spinelli adds that the buildings possess a number of attractive characteristics that generated a great deal of interest from potential buyers. “The buildings total 100,420 sf, consists of 66,688 sf of residential space, 13,824 sf of commercial space, and 19,908 sf of air rights,” he says. “Other features include a new elevator system, new windows, 64 apartments, 20 of which are vacant, nine floors plus a penthouse, and four retail tenants housed in the commercial space.”

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