Steven Kessner of the R.E. Group has announced the sale of 47 buildings in East Harlem and 7 condominium units in the East Village for a total of $225,000,000. Kessner stated that the quality of the portfolio is evident in the sales price which was plus or minus 14 times the rent roll; a capitalization rate of under 5%. Although this sale represents a major portion of his holdings, the Kessner group still owns several development sites, other buildings in East Harlem and the Upper East side as well as land and buildings in other areas of New York State.