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Brokerage
Posted: January 25, 2008
Reilly and Mann of Reilly Mann Newell broker $4.1 million sale
Reilly Mann Newell Realty Group has completed the sale of 319 East 90th St. located on the Upper Eastside between First and Second Aves.
The building is a five story walkup, 25 ft. by 72 ft., with 20 apartments.
It traded at a price of $ 4.1 million, $467 per s/f, almost 15 times the gross rent-roll and a cap rate of 4%. There is upside potential as the average rent is $1,150 per month.
The purchaser, The Vintage Group, was represented by Alice Phillips Belmonte, Esq. and the sellers, The Reichwald's by Tom Choi, Esq.
Partners Brian Reilly and Jim Mann were the sole brokers.
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