NEW YORK CITY—A mixed-use portfolio comprised of 14 buildings in Upper Manhattan has traded for $58 million, GlobeSt.com has learned EXCLUSIVELY. Eastern Consolidated arranged the sale of the properties, which feature 176 residential units and eight retail stores.
Matthew Sparks, senior director, represented the seller, Morningside Partners I, and 9-11 CPN, as well as the buyer, a private investor. Wade Hazelton, associate director of financial services, served as the analyst on the deal.
All but one of the properties are walk-up apartment buildings on one city block between Manhattan Avenue and Frederick Douglass Blvd. and West 114th and West 115th Streets, in the Morningside Heights section of Manhattan. The 13 properties, which total more than 125,000 square feet, together sold for $47 million, or $376 per square foot.
In a separate transaction, a 23,640-square-foot, five-story walk-up located at 9-11 Central Park North between Fifth and Lenox Avenues sold for $11 million, or $465 per square foot.
“These well-maintained buildings offer inherent upside for the buyer and are ideally situated in one of the hottest neighborhoods in New York City,” Sparks says. He declines to forecast a specific amount of a potential rent uptick but notes to GlobeSt.com, “It's still very affordable so there's room for growth.
Sparks continues, “The Frederick Douglass Boulevard rezoning over 10 years ago spurred condominium development along the corridor and in recent years new restaurants and other amenities have followed.
“The area is attracting young families searching for more space as well as young singles who want to live in a vibrant area near two major parks, Morningside Park and Central Park, and excellent transportation,” he says. “It's a great place to live.”
The buildings are conveniently located near the B, C, 2, and 3 subway lines for easy access to Midtown Manhattan.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
