NEW YORK CITY-A three-building apartment portfolio on Manhattan’s high barrier to-entry Upper West Side has traded for a whopping $145.5 million, according to Rosewood Realty Group, who exclusively handled the off-market transaction. Totaling 350,000 square feet, the multifamily properties include 165 W. 91st St., 393 West End Ave. and 55 W. 92nd St., the company confirms to GlobeSt.com.
Aaron Jungreis, founder and president of Rosewood, represented the seller on the deal, as well as the buyer, who did not wish to be named, but according to city records, the sellers are West 91st Street Holdings, LLC, 393 West End Avenue LLC and 55 West 92nd Street LLC.
The transaction represents nearly 18 times the rent roll, which is “extremely rare” for the Upper West Side, Jungreis comments. “We worked with the sellers for many years, on and off,” he says, noting in a statement that he flipped 55 W. 92nd St. to a different buyer for $20 million while the deal was still in contract.
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At over 170,000 square feet, the largest of three buildings is the 15-story 165 W. 91st St., which includes 114 units, elevators and four retail stores at the base. The other building at 393 West End Ave. is a 16-story, 134,183-square-foot elevator apartment building with 113 apartments, which includes office space and a laundry room on-site.
The third building, located between Columbus Avenue and Central Park West at 55 W. 92nd, is a six-story, 55,535-square-foot elevator property with 54-units and a laundry room. In total, the units represent 50% rent-stabilized and 50% free-market.
Year-to-date, Rosewood has closed over 25 deals, and is on-track to beat last year with an estimated 80 to 90 deals worth more than $1 billion. It closed out 2011 with approximately $600 million in transaction volume.
Jungreis was unavailable for additional comment.
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