(Read more on the multifamily market.)
NEW YORK CITY-The Parc Lincoln at 164 W. 75th St. in Manhattan's Upper West Side has sold for $32.8 million to a purchaser named 164 W. 75th St LLC. The sale price was $400 per sf and represented a projected 5.2% cap rate.
The seller was Margules & Associates. The 16-story prewar elevator property contains 214 residential units and a ground-floor retail space occupied by the Cesca restaurant. The property was originally a single-room occupancy, however, to date, 100 units have been converted to class A apartments.
The property is located near all transportation and cultural attractions. Besen & Associates Inc. were the leasing agents for the property. “Priced at under $500 per sf, with over 100 units rented at less than $500 per month, this asset is prime for redevelopment,” notes Adelaide Polsinelli, a senior executive broker at Besen & Associates.
Polsinelli tells GlobeSt.com that the original owners bought the building in 1999. “They did extensive renovations and reconfigured the lobby to form a more exciting retail space,” she says. “They also signed up the current restaurant tenant and began making attractive changes into the building.”
Polsinelli adds that the owners “began renovating the apartments to class A and needed a huge cash infusion. Rather than commit to finishing this project they decided it was time to sell and capture some of the market appreciation.”
The buyer saw the potential to convert the remaining units to class A and make additional upgrades, Polsinelli explains. “This was an attractive deal because it sold for $400 per sf., in a market where new construction would cost twice that.”
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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.
