Marcus & Millichap Real Estate Investment Services, has arranged the sale of a two-property, 44-unit multifamily portfolio located on Manhattan’s Upper West side between Amsterdam Avenue and Broadway Avenue at 215 West 108th St. and 210 West 109th St. The total sales price of $14 million represents $318,182 per unit.
Joe Koicim, a vice president investments, Peter Von Der Ahe, a first vice president investments, and Shlomo Gelernter, an associate, all in Marcus & Millichap’s Manhattan office, represented the seller, a private investor. Scott Edelstein, a vice president investments, and Seth Glasser, an associate, also in the Manhattan office, along with Koicim, Von Der Ahe and Gelernter, represented the buyer, also a private investor.
“With multifamily vacancy extremely tight across the borough and rents trending at peak levels, the 33 free-market apartments and 11 rent-stabilized units presented in this portfolio received a great deal of interest from investors,” says Koicim. “The rent-stabilized units are approximately 50 percent below market value.”
The six-story, 17,710-square foot apartment building located at 215 West 108th St. is zoned R8B and situated on a 50-foot by 101-foot lot. The building has 23 units, nine of which are rent stabilized, and the rest are free market. The property features 21 three-bedroom apartments and two one-bedroom units.
The property located at 210 West 109th St. is also six stories and zoned R8B. The 15,944-square foot building is situated on a 40-foot by 100-foot lot. The property features 21 units, two of which are rent stabilized, and the rest are free market. There are eight two-bedroom apartments, 12 three-bedroom units and one single-bedroom apartment.
Both buildings are located in close proximity to the 1, A, B and C trains and are not far from Central Park and Columbia University.