Avital, Garcia and Miller of EC and Doshi of Besen co-broker $47 million sale of 2410-2418 Broadway

Aliza Avital and Patricia Garcia, with Eastern Consolidated executive managing director Alan Miller and Besen & Associates (@BesenGroup) executive director Amit Doshi, co-brokered the sale of 2410-2418 Broadway, aka 214-218 West 89th St. The building was acquired by real estate owners Albert and Robert Gilardian of the Gilar Group for $47 million. The 12-story, pre-war multifamily, is situated on the southeast corner of Broadway and West 89th St. Together, the team represented the seller, M.E. & A. Realty Co. LLC, as well as procured the buyer. Attorneys in the deal were: Burton Fine, Esq. of law offices of Burton Fine for the seller, and Alexander Seligson Esq. of Seligson Rothman & Rothman for the buyer. "Clearly, the building's financial upside piqued investors' interest and drove the sale, since 71% of its 46 units are rent regulated at rates well below market," said Avital. The property's 5,000 s/f street level retail component, stretching 100 linear ft. on Broadway, is divided into six units and its most valuable corner retail space has already generated inquiries exceeding $250 per s/f. Doshi said, "The Upper West Side has a very special caché, unlike any other neighborhood in New York. Given its plethora of pre-war buildings, wide boulevards, proximity to both Central and Riverside Parks, great schools, cultural institutions, and Broadway shopping corridor, acquiring 2410-2418 Broadway, which had been owned by the same family for over 70 years, represents an excellent long-term investment opportunity." Built in 1915, the property consists of one, two, and three-bedroom apartments. It is located only three blocks north of the West 86th St. subway on Broadway serviced by the Number 2 line. Among the many cultural institutions in the nearby vicinity are Symphony Space, The Museum of Natural History and further to the south, Lincoln Center and the Time Warner Center.