NEW YORK CITY-A quartet of walk-up apartment buildings on Manhattan’s Upper East Side has sold for $15.5 million in an all-cash transaction, according to Massey Knakal Realty Services, which arranged the deal. The contiguous properties at 526-46 E. 82nd St. between York and East End avenues were on the market for the first time in 70 years.

“The fact that the buyers closed within 50 days with bank financing demonstrates that there are ready, willing and able buyers and lending institutions that are confident in today’s New York City real estate market,” says Tom Gammiano, VP of sales at Massey Knakal, in a release. Gammiano arranged the transaction with CEO Paul Massey. A company spokeswoman tells the properties traded to East 82nd Street Realty LLC, which bought them from Weneeda Realty Corp. and Frahen Realty Corp.

All told, the four six-story walk-up properties total 59,000 square feet and contain 106 residential units, 74 of which are market rate, and one commercial unit. Average rents are $33 per square foot, according to Massey Knakal. The apartment buildings sold for $263 per square foot, with a cap rate of 6.8% and a gross rent multiplier of 9.5.

Massey Knakal also arranged the sale of a five-story walk-up apartment building at 59 Morton St. in Greenwich Village. The company said Wednesday that the historic property sold in an all cash transaction valued at $3.7 million. Originally constructed in 1828 for Cornelius Oakley, the 6,680-square-foot building was selected in the 1930s by the Federal Arts project of the Index of American Design as the most outstanding example of late Federal style in New York City, according to Massey Knakal.

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