[IMGCAP(1)]NEW YORK CITY-A corner walk-up apartment building and three-elevatored apartment buildings located one block north of Central Park at 201, 203-205, 217 and 233 W. 111th St. was sold in an all-cash transaction valued at $11.1 million. A source close to the deal tells GlobeSt.com that the private investor was John Sismanoglou from Queens, who was attracted to the portfolio due to its size and proximity to Central Park.
[IMGCAP(2)]The source explains that the seller of the portfolio was locally based Centerline, however they were unable to determine reasons for selling at this time. The West 111th Park North portfolio is located on the north side of West 111th Street between Adam Clayton Powell and Frederick Douglass boulevards. Two of the four buildings are adjacent, and all four span approximately 78,331 sf including 87 apartments and two super's units.
The apartments consist of eight studios, 29 one-bedrooms, 24 two-bedrooms and 26 three-bedrooms. The source tells GlobeSt.com that the properties will continue to run as rentals and since all of the properties underwent gut renovation in the early 1990s, there is no need for any major work.
The transaction occurred at a capitalization rate of 4.9%, which the source says was low for the area. The property sold for $141.79 per sf. The source also says that all of the units in the portfolio are reserved for low-income and moderate-income tenants.
"The sale of this portfolio presented the opportunity to acquire assets below replacement cost that will experience natural appreciation over the long term," notes Massey Knakal partner and managing director Marco Lala, who exclusively represented the seller with partner and managing director Shimon Shkury. Massey Knakal Realty Services was the sole broker in this transaction.
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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.
