Highcap Group, arranged the sale of the property located at 150 West 84th St. in the Upper West Side neighborhood of the borough for $12.275 million. Goldflam represented the seller, Madison Realty Capital, and associate broker Charles Chang represented the purchaser, a local Long Island investor, on the sale which closed last week.Tags:
The building is located in the Upper West Side on West 84th St. between Columbus and Amsterdam Aves. The property is a 33'-wide five-story walkup apartment building consisting of 13,260 s/f with 20 apartments, all 2 and 3-bedroom units. The building was purchased by Madison Realty Capital only a few years ago and underwent a major capital improvement program to all building systems as well as unit renovations. Goldflam said, "It's very tough to find a 33'- wide property like this on such a prime block on the Upper West Side. The buyer really got himself a gem of a building that is mostly free market, but does have some existing stabilized tenants that will unlock some future value. He paid a very good cap-rate considering the current market conditions."
The property sold for $12.275 million which represents a sales price of a 5.3% cap-rate, 15.3 times the gross rent, and $925 per s/f.