Eastern Consolidated Arranges Sale of Upper West Side Portfolio for $27.6 Million
NEW YORK, NY – January 22, 2018 – Ron Solarz, Executive Managing Director and Principal of Eastern Consolidated, has arranged the sale of a ±68,200-square-foot Section 8 multifamily portfolio comprised of two elevator buildings at 14-18 West 107th Street on the Upper West Side. The package sold for $27.6 million.
Solarz, represented the long-time private owner, and procured the buyer, a private real estate investment firm. Gary Meese, Senior Director, Financial Services, served as the analyst.
“The asset’s project-based Section 8 status and other affordable housing components ensure strong in-place income while presenting investors with multiple options and tremendous future upside potential,” Solarz said. “The two buildings are in excellent physical condition as they’ve been well-maintained by the same owner for over three decades.”
Of the 60 units in the two buildings, two are studios, 36 are one-bedrooms, and 22 are two-bedrooms. Mechanical systems are shared by both.
Located on 107th Street between Central Park West and Manhattan Avenue, the buildings are half a block from Central Park and near Columbia University, Columbus Square big-box retail complex, and many Upper West Side cultural attractions.
Transportation via the B and C trains is accessible a few blocks away at the 103rd Street and 110th Street stations.
Powered by a highly skilled team of 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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