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Upper West Side Apartments Trade for $54M

NEW YORK CITY-A Long Island-based investor acquires two apartment buildings on the Upper West Side for $54 million. There were 53 offers for the buildings.

By Barbara Jarvie | Updated on May 19, 2005

NEW YORK CITY-A Long Island investor interested in condo conversions picked up two elevatored apartment buildings at 201 West 92nd St. and 200 West 93rd St. for $54 million. The six-story, 201’3 x 150′ irregular buildings, which make up the entire blockfront on the west side of Amsterdam Avenue between the two streets, sold for $387.10 per sf.

Each contains two elevators and share a combined total of approximately 139,500 sf Also known as 656-74 Amsterdam Ave., the buildings contain 134 residential units and 14 commercial stores. Massey Knakal Realty Services was the sole broker in the all-cash transaction, which had a capitalization rate of 3.03% and a gross rent multiple of 17.75.

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