Brewster Building Sells for $98M

NEW YORK CITY-The Brewster Building on Manhattan’s Upper West Side has changed hands. CBRE represented seller Rambleside Holdings LLC in the $98 million sale of the 144-unit, 116,000-square-foot building at 21 W. 86^th St. to Cornerstone with Adelco as the operating partner, according to the New York Post.

Darcy Stacom, vice chairman at CBRE, says the buyer was able to secure the pre-war asset in the marketing process by formulating a leasing strategy that would tailor to the Upper West Side market while continuing to renovate the property. The building, currently, is one of the last pre-war residential structures that has yet to undergo a repositioning or condo conversion.