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Eight-Apartment, All-Cash Sale Nets $15.3M

NEW YORK CITY-A 147-unit portfolio sale marks the third largest deal Uptown this month. The new owner of the eight-building package, Baruch Singer, will self-manage the properties.

By Michael Gilliard | Updated on August 21, 2002

NEW YORK CITY-Marking the latest in a recent spate of commercial sales Uptown, Five Spruce 109 LLC sells its eight apartment building, 147-unit portfolio to investor Baruch Singer for $15.4 million in cash. Robert A. Knakal, chairman of Massey Knakal Realty Services Inc. and broker Meyrick Ferguson represented both buyer and seller.

Little will change in the wake of the sale, according to Knakel. “The new owner will continue to run it as a residential portfolio,” he tells GlobeSt.com. The previous management team, R A. Cohen, did not transfer with the deal: buyer Singer will self-manage the units.

Located at W. 109 St. and Broadway, the portfolio of five-story buildings consists of 93 rent-stabilized units, 26 rent-controlled units and eight decontrolled units; the remaining units are used for building supervisors. Four of the apartments are studios, 21 are one-bedrooms, 85 are two-bedrooms, 30 are three-bedrooms, and seven are four-bedroom apartments. All units have walk-up access only. The red-brick structures were built in the 1920s.

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