(Read more on the multifamily market.)
NEW YORK CITY-A pair of two five-story walk-up apartment buildings, composed of 18,720 sf and 40 units, has traded for just under $10 million. The pair, built in 1986, is situated on New York City's Upper West Side at 132-134 W. 109th St.
Only 10 out of the 40 units have been renovated and average rental rates are $1,550 per month. "The building showed great upside potential," says Alan P. Miller, a senior director at locally based Eastern Consolidated, who along with Aliza Avital represented the seller. Miller adds that the popular location was also a driver in the deal. The buildings are located between Columbus and Amsterdam avenues.
Eastern Consolidated director Peter Carillo procured the buyer, UK-based real estate investors. A spokesperson for Eastern Consolidated could not give further information on the buyer. Stuart I. Rich Esq. of Meister Seelig & Fein LLP represented the sellers in the transaction.
Miller tells GlobeSt.com that the Israel-based seller bought the property "a couple of years back of a flip and made a bit of profit on it," he says. "The area, not far from Columbia University is getting better and has come a long way in the past 15 years." Miller continued to explain that the Manhattan Valley as it is being called is becoming a prime location and apartments are still under-rented, so it has a lot of potential.
Miller adds that the property sold to overseas buyers that are new to the city and "eager to establish a foothold in Manhattan by acquiring residential properties in need of upgrading in prime neighborhoods," he says. "International people want to have a presence in New York.
"The building showed great upside potential," Miller says. "It's a very popular Upper West Side location, [which] was also a driver in the deal."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
