Eastern Consolidated Arranges Sale of Upper West Side Multifamily Portfolio for $52 Million
NEW YORK, NY – May 11, 2017 – Eastern Consolidated has arranged the sale of a multifamily portfolio consisting of four contiguous, six-story elevator buildings at 60-68 West 107th Street between Columbus and Manhattan Avenues on the Upper West Side. The package traded for $51.9 million.
The four buildings span over 100,000 square feet and include 100 apartments, of which 25 are two-bedroom units and 75 are three-bedroom units.
Senior Director and Principal Matt Sparks represented the seller, Suehar Associates, which has owned the buildings for over 60 years. Executive Managing Director and Principal Ron Solarz procured the buyer, FBE Limited.
“These four buildings have been under the same ownership for over six decades, and are located in an area where rent growth continually outperforms other markets,” Sparks said.
Solarz added, “The buyer was attracted to this package because the buildings offer tremendous future upside, in part because they are located in a great neighborhood just a few blocks from Central Park and Morningside Park and near four subway lines.”
The A, B, and C trains are available at 110th and Central Park West and the1 train is available at 110th and Broadway. In addition Columbia University and Barnard College are located in nearby Morningside Heights.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
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