Eastern Consolidated Sells Three-Building Morningside Heights Package for $61.5 Million
NEW YORK, NY – December 21, 2017 – Eastern Consolidated has announced the sale of a three-building, 130-unit, ±113,200-square-foot multifamily portfolio in Morningside Heights for $61.5 million.
Eastern Consolidated Senior Director and Principal Matt Sparks, represented the buyer and procured the seller, both real estate investment firms, in this off-market deal.
The package of buildings consisted of two, six-story elevator apartment buildings on Manhattan Avenue, and one walk-up apartment building on 114th Street.
Metrics for the sale translated to $543 per square foot, $473,000 per unit, 13.5 GRM, and 5.3 percent cap rate.
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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