Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Cushman & Wakefield Sells Elevator Apartment Building on the Upper West Side

04/23/2015

A 48-unit apartment building located at 204 West 108th Street between Broadway and Amsterdam Avenue on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $27,500,000.

The six-story, elevator-serviced building contains approximately 42,186 square feet on a 100’ x 100.92’ lot with 48 residential units, of which 33 are free market, 11 are rent stabilized, and four are rent controlled.  The unit mix consists of one two-room studio, 13 one-bedroom, 24 two-bedroom, 10 three-bedroom apartments, and a basement super’s unit.  The apartments possess crisp layouts and generous sizes, receive ample light and air, and are individually metered for gas and electric.  Recent improvements include a new roof, numerous apartment renovations, and updated gas service.  The building features approximately 9-10’ ceilings throughout, a large center courtyard providing additional light and air to the interior apartments, a full basement with tall ceilings, a laundry room, and ample storage space.  The sale price equates to approximately $652 per square foot.

“204 West 108th Street received a tremendous amount of interest from the marketplace due to its excellent overall condition and strong location. Demand for multifamily properties continue to far exceed the supply of available opportunities leading to high velocity and previously uncharted pricing,” said Cushman & Wakefield’s Hall Oster, who exclusively handled this transaction along with Teddy Galligan.

04/23/2015 - 20:45

Source

Cushman & Wakefield Capital Markets Group New York

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