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Brewster Building Sells for $98M

NEW YORK CITY-CBRE represented the seller, Rambleside Holdings LLC, on the sale of the 144-unit Upper West Side multifamily property.

By Jacqueline Hlavenka | Updated on June 27, 2012

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. 86th 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. 

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