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Massey Knakal Sells The 105 Riverside Drive House

06/27/2014

“The 105 Riverside Drive House”, a townhouse at 105 Riverside Drive located between West 82nd and West 83rd Streets on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $6,150,000.

This five-story, plus penthouse, Elizabethan Revival townhouse contains approximately 8,172 square feet and sits on a 26.33’ x 88.67’ lot.  It was designed and constructed by Clarence F. True in 1898 and features both south and west facing facades with sweeping views of the Hudson River and Riverside Park.  The property was designated as a landmark in 1991 and has one of the most unique facades in all of New York City featuring contrasting light orange roman iron-spot brick and limestone facing, a pitched roof with front and side dormers, and a stepped end-wall gable overlooking a side courtyard.  In addition to the side courtyard, there is a rear garden and two terraces on the fifth floor, one facing east and the other west.  The sale price equates to approximately $753 per square foot, a 2.03% capitalization rate and 29.85 times the gross rent.

The house was converted to a multifamily in 1953 and is presently configured as 11 apartments of which eight are free market, two are rent stabilized, and one is rent controlled.  The units consist of an array of different layouts, a number of which could be immediately combined to create a large owner’s apartment.  The interior of the building features ample original detail including a grand winding staircase leading from the foyer through to the sixth floor, wainscoting, beautiful fireplaces with mantels, exposed ceiling beams, wood floors, stained glass windows, and an old elevator shaft in the southeast corner of the building.  The property’s unique façade and side courtyard provide an extraordinary number of windows which supply afternoon light to all of the apartments. 

"105 Riverside Drive is a true Upper West Side classic and tremendous value opportunity that had been well-cared for by multigenerational ownership,” said Massey Knakal’s Hall Oster, who exclusively handled this transaction with Paul Smadbeck.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

06/27/2014 - 10:54

Source

Cushman & Wakefield Capital Markets Group New York

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