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Brokerage
Posted: March 28, 2008
Zach and Farchi collaborate for $19m sale of 176-182 West 82nd St.
According to Itzhaki Properties, the firm has recently completed the sale of 176-182 West 82nd St. The four-building package is located between Columbus and Amsterdam Aves., one block from Central Park.
Shay Zach represented the seller in this transaction, which sold for $19 million. The landmarked building is 30,000 s/f at a price of $635 per s/f. These identical 5-story walk-up residential buildings represent an unrivaled conversion site as development sites in the Upper West Side are scarce and the demand is increasing for more and more family units. The building is to be converted to family size condominium units.
Itzhaki Properties represented the buyer and the seller in this transaction. The seller, West 82nd St. Holdings, LLC, purchased the property for $12.3 million in November of 2006, and was represented by Zach. The buyer, a foreign entity, was represented by Barry Farchi. Future plans include the conversion of this property to condominiums.
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