New York investor Aulder Capital has acquired 111 condo units at 100 West 93rd Street for $45.625 million.
JLL Capital Markets brokered the sale at the 280-unit residential on the Upper West Side on behalf of the seller, ABC Properties, and assisted with the financing for the buyer.
Originally built in 1973, the 29-story property was converted to a condominium in 2006 and features a ground-floor retail component anchored by a Trader Joe’s.
The building is located on the southwest corner of West 93rd St. and Columbus Ave., and the unit mix included in the sale consists of 22 studios, 41 one-bedrooms, 33 two-bedrooms and 15 three-bedrooms. Most of the units are located on the upper floors, offering outdoor terrace space and views of the Hudson River and Central Park West. Capital improvements to the property include upgrades to the lobby, hallways and amenities and the addition of more than 15,000 s/f of outdoor space.
The JLL Capital Markets team representing the seller was led by Chairman-NY Investment Sales Bob Knakal; Managing Directors Hall Oster, Paul Smadbeck, Jonathan Hageman; Vice Presidents George D’Ambrosio and Teddy Galligan, and Associate Braedon Gait. The financing was led by Senior Managing Director Max Herzog and Vice President Marko Kazanjian.
“This bulk condominium package will benefit from a repositioning campaign and the activation of the second-floor outdoor amenity space,” Knakal said. “The layouts and configurations present significant opportunity for renovation as the units become vacant, with the possibility of market-rate rentals or individual unit sales.”
“There is substantial pent-up demand for high-quality residential units on the Upper West Side, and recent trends show signs of a strengthening sales market,” added John Reid, VP of Acquisitions at Aulder Capital. “This is Aulder Capital’s second acquisition of bulk residential condominium units and their first in Manhattan. Warburg Realty and top agent Maria Daou will remain the exclusive selling agents for the new sponsor and will be resuming active sales in fall 2021.
The acquisition is the second by Aulder is as many months. In July, the company picked up a pair of Upper East Side apartment buildings from British investor Henley Investments. It paid $21.7 million for409 and 413 East 84th Street, two contiguous buildings located in Yorkville.