Invictus Property Advisors (“Invictus”) is pleased to announce our year-end closing of the Upper West Side Portfolio for $8,050,000. The package consisted of three (3) landmarked multifamily assets located at 142 West 87th Street, 268 West 91st Street and 638 West End Avenue in the Central Park West Historic District and the West End Historic District. There were a total of thirty-two (32) residential units of which eighteen (18) were free market with under-market “Covid-19” rents. The purchaser plans on upgrading the units and condition of the buildings to generate rents in-line with market.
The purchase price represents a 4.75% cap rate, 11.3x GRM, $429/SF, and $251,562/Unit. These metrics represent a cheap basis and a compelling entry-point into the prime Upper West Side submarket. We expect the assets to stabilize at a much higher rate of return once the investors execute on their business plan.
The assets were owned and operated by the seller, a private real estate family, for several decades. Our team accommodated ownership’s request of a swift and targeted marketing campaign in a condensed, three-week period. Josh Lipton and Andrew Levine of Invictus represented both sides of the transaction.