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

Massey Knakal Sells Walk-Up Apartment Building On The Upper West Side

09/25/2012

A walk-up apartment building at 69 West 107th Street, located between Manhattan and Columbus Avenue on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $6,025,000.

The five-story building is approximately 12,875 square feet, according to city records, and sits on a 37.5’ x 100.92’ lot. There are 19 residential units, of which, 8 are free market and 11 are rent stabilized. The building consists of five one-bedrooms, eight two-bedrooms, three three-bedrooms and three four-bedrooms. In recent years, all of the free market units have been renovated with modern kitchens, bathrooms, dishwashers and washer-dryer units. The sale price equates to approximately $468 per square foot.

“Activity has been very strong in Manhattan Valley this year as investors continue to recognize that this neighborhood is one of the last remaining Manhattan neighborhoods with significant growth potential. In 2012, 24 multifamily buildings have already traded hands and we expect the trend to continue as buyers break into a market that has traditionally been consolidated amongst a handful of owners. Once off the radar, the neighborhood has become a destination for young professionals that have flocked to the area in recent years,” said Massey Knakal Director of Sales Hall Oster.

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.

www.masseyknakal.com

09/25/2012 - 13:30

Source

Cushman & Wakefield Capital Markets Group New York

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