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[IMGCAP(1)]NEW YORK CITY-A corner walk-up apartment building and three-elevatored apartment buildings located one block north of Central Park at 201, 203-205, 217 and 233 W. 111th St. was sold in an all-cash transaction valued at $11.1 million. A source close to the deal tells GlobeSt.com that the private investor was John Sismanoglou from Queens, who was attracted to the portfolio due to its size and proximity to Central Park.

[IMGCAP(2)]The source explains that the seller of the portfolio was locally based Centerline, however they were unable to determine reasons for selling at this time. The West 111th Park North portfolio is located on the north side of West 111th Street between Adam Clayton Powell and Frederick Douglass boulevards. Two of the four buildings are adjacent, and all four span approximately 78,331 sf including 87 apartments and two super’s units.

The apartments consist of eight studios, 29 one-bedrooms, 24 two-bedrooms and 26 three-bedrooms. The source tells GlobeSt.com that the properties will continue to run as rentals and since all of the properties underwent gut renovation in the early 1990s, there is no need for any major work.

The transaction occurred at a capitalization rate of 4.9%, which the source says was low for the area. The property sold for $141.79 per sf. The source also says that all of the units in the portfolio are reserved for low-income and moderate-income tenants.

“The sale of this portfolio presented the opportunity to acquire assets below replacement cost that will experience natural appreciation over the long term,” notes Massey Knakal partner and managing director Marco Lala, who exclusively represented the seller with partner and managing director Shimon Shkury. Massey Knakal Realty Services was the sole broker in this transaction.

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