Manhattan, NY Alpha Realty brokered the sale of 148 East 98th St. on the Upper East Side for $7.05 million (17.6x rent roll and 3.4% cap rate). The subject property is a newly constructed six-story elevator building consisting of 11 apartments and one commercial unit.
Lev Mavashev and Glenn Raff of Alpha brokered the 10,000 s/f property in an off-market transaction. Raff, who sold the building once before, represented the seller, a local private investor, while Mavashev procured the buyer, Rebar Development Group, an investment group from Israel.
“Buyer has been aggressively looking for a deal such as this – a newly constructed elevator building in Manhattan” said Mavashev. “And we were in the best position to source him this deal as we sold it a few years back.”