22-Building Apartment Portfolio Hits Market

NEW YORK CITY-A portfolio of 22 five-story and six-story walk-up buildings, comprising 384 residential apartments situated on West 109th Street and spanning two blocks between Broadway and Columbus avenues, is on the market for sale. Locally based Eastern Consolidated chairman & CEO Peter Hauspurg, executive managing director R. Stuart Gross and directors Peter Carillo and Harrison Douglas are spearheading the marketing initiative for sale of the portfolio.

Sources say that a ballpark price per unit, due to other trade prices on the street could exceed $250,000 per unit, adding that the sale will benefit from the recent city council adoption of the Columbia University expansion, the continual improvement of the housing stock in the Manhattan Valley submarket, and the new the Upper West Side Rezoning Plan. With that comp price, it could fetch $96 million. A source close to the deal tells GlobeSt.com that they are not able to disclose who the seller is at this point, nor are they able to disclose reasons for selling.

“This portfolio reflects a rare combination of geographic concentration and upside in potential revenue,” Gross says. “With average monthly rents priced at approximately $1,000, the new owner will be able to make additional capital improvements to the apartments–ownership has already spent $2.6 million to date on improvements–and accordingly increase rental rates as leases expire. The demand for these properties is steady, and there should be sufficient turnover for income growth.”