Massey Knakal Sells Apartment House On The Upper West Side
A Renaissance Revival townhouse at 11 West 84th Street, located between Columbus Avenue and Central Park Westin the Central Park West Historic District of Manhattan’s Upper West Side neighborhood, was sold on a non-contingent basis in a transaction valued at $3,300,000. It closed within 35 days of contract execution.
This five-story house contains approximately 7,300 square feet and sits on a 19’ x 102’ lot. It was constructed in 1900. It was configured as five large floor-through apartments and has a line of vertical windows on the eastern exposure which face Central Park. All of the apartments were rent regulated with rents averaging approximately $12 per net rentable square foot or just $75K in gross annual revenue. The sale price equates to approximately $452 per square foot, 44 times the gross rent, and a minimal capitalization rate of approximately half of 1 percent.
“11 West 84th Street was a rare value proposition for investors with patient capital. Buyers understood the underlying value of the building’s real estate, which sits less than 200 feet from Central Park, and were willing to trade immediate gain to realize the building’s long term potential,” said Massey Knakal Director of Sales Hall Oster, who exclusively handled this transaction with First Vice President of Sales Robert M. Shapiro.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.