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UWS MF Property Sells for Hefty Markup

NEW YORK CITY-The building, a six-story asset with rental apartments, traded for nearly twice its 2010 sell price.

By Rayna Katz | Updated on August 02, 2013

NEW YORK CITY-Gaia Real Estate Investment and Harel Insurance Investments & Financial Services have announced the sale of Gaia by the Park, a six-story rental apartment building at 5 West 91stSt. on the Upper West Side for $27.5 million. The buyer was, Rich International, a Fort Lee, N.J.-based family with real estate holdings in New York and New Jersey. The brokers on the sale, representing both sides, were Amit Doshi, executive director, Glenn Raff, managing directorand David Bess, directorof Besen & Associates. The property was built in 1973 and has 48,972 square feet.

According to the Real Deal, Midtown-based investment firm Gaia and Harel, the third largest insurance firm in Israel, purchased the 48-unit property from developer Larry Gluck in 2010 for $16.75 million. The companies bought the building as part of a partnership to buy distressed real estate in the New York City market.

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