Manhattan, NY Amit Doshi of Meridian Investment Sales sold 118 East 93rd St. in the Carnegie Hill neighborhood of the Upper East Side for $27.5 million. This 38-unit classic pre-war building underwent condo-like renovations and is 42% free market. The property sold at  $723,685 per unit, a capitalization rate of 4.1%, $642 per s/f and a gross rent multiplier of 16.2 times. 

Crest Realty had purchased the property in 2017 with the intention of converting it to condominiums. Of the 17 free market apartments, nine apartments were gut renovated with modern condo finishes. Renovations and upgrades were also made to the lobby, a new gym, storage, bike room and laundry room.

Meridian’s Amit Doshi and Jonathan Shainberg represented the purchaser, Gazivoda Realty, while Robert Shapiro, Ian Brooks and Brett Weisblum of Cushman & Wakefield represented the seller, Crest Realty. Jacob Schmuckler of Meridian Capital Group arranged $16.5 million in financing from a regional bank in a 30-day timeframe.

“This was a true time-of-the-essence closing as the existing bridge lender required payoff,” said Schmuckler.

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• Manhattan
• sale
• Upper East Side
• UES