(Read more on the multifamily market.)
[IMGCAP(1)]NEW YORK CITY-Mitchell Banchik sold 215 W. 108th St. and 210 W. 109th St. to Morris Moinian for $16.5 million. Roni Abudi and Dan Suissa, senior brokers at GFI Realty Services Inc., represented the seller in the transaction. Shawn Sadaghati, also a senior broker at GFI, represented the buyer.
The residential buildings are five and six story walk-ups consisting of 44 total units. These units are primarily two- and three-bedroom renovated apartments, 31 units are free market. The cap rate on this transaction was 5.7%, 14.5 times the rent roll.
[IMGCAP(2)]A source close to the deal tells GlobeSt.com that the seller is in the restaurant and bar business and does not focus on being a landlord. "These are the only two residential buildings he owns," the source explains. "When presented with this offer, he couldn't refuse."
The source notes that the buyer was under a 1031 exchange and needed to buy properties. "Morris liked the location," the source says. "He saw future opportunity and felt that current rents on the free market units were below market."
According to Abudi, this package offered Moinian prime real estate, totaling 31,425 sf of property. It also included an additional 22,948 sf of air rights.
"This is the second transaction in which GFI has represented Mr. Moinian," notes Shawn Sadaghati in a prepared release. "Moinian recognized the potential of this off market package and was able to secure the deal immediately. He intends to renovate the vacant apartments and upgrade both of these buildings."
The source tells GlobeSt.com that although they do not know the exact number of vacant apartments that will be renovated, however the renovations that are done will include new kitchens, bathrooms, flooring and an upgraded electrical system.
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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.
