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West Side Multifamily Trades for $17M

NEW YORK CITY-The six-story prewar building near Columbia University will be operated as a rental property.

By Paul Bubny | Updated on November 04, 2008

NEW YORK CITY-A 49-unit prewar apartment building near Columbia University has sold for $16.75 million, three years after trading for $10.4 million. The 42,186-square-foot Canterbury, six-story building at 204 W. 108th St., had undergone a $4-million capital improvement program that was completed last year.

The seller, IGPF Canterbury LLC, was able to move the property quickly “because of its excellent location, only a few blocks south of Columbia University, its physical qualities and the huge future upside inherent in the below-market stabilized leases,” says Eastern Consolidated’s Deborah Gutoff in a release. The property had gone on the market in July, and it sales price equates to $400 per square foot, compared to a reported $250 per square foot when then-owners Nelson Management Group Ltd. and Global One Investments traded it in 2005.

Senior directors Gutoff and Ronda Rogovin represented the seller along with Eastern Consolidated vice chairman Brian Ezratty, while Eastern’s director David Kalish procured the buyer, L.M. 204 W. 108 LLC–described in the release as a locally-based real estate family. Gutoff says in the release that 55% of the units–all two and three- bedroom–are free market, and almost all of the 26 free-market units have been completely renovated with new floors, walls, ceilings, kitchens and bathrooms.

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