RFR Realty now selling rental property, could yield $100 million

March 13, 2012 03:30PM

RFR Realty is selling a 16-year-old, 27-story apartment building in Lenox Hill, Crain’s reported. An unnamed source told Crain’s that the building, a rental property at 300 East 64th Street and Second Avenue, could yield $100 million from the sale, equaling $715 per square foot.

According to Robert Knakal, chairman of Massey Knakal Realty Services who is marketing the property, the company is selling the building to meet investors’ interest in residential properties. He told Crain’s that whoever buys the building could convert it into a condominium or continue to operate it as a rental building. Knakal declined to tell Crain’s how much the property would sell for. It is also currently not listed on Massey Knakal’s website.

Streeteasy.com shows that two apartments in the building were rented last month: both with one bedroom and one bathroom. Their taking rents were $4,200 and $4,500 per month. [Crain’s]