Besen and Slonim of Besen & Associates broker $28 million sale of 140 West 86th Street

Besen & Associates, Inc. has completed the $28 million sale of 140 West 86th St. The 15-story plus penthouse apartment building built in 1925 consists of 44 apartments and three professional offices. Michael Besen, president, and Matthew Slonim, COO of Besen & Associates marketed the 66,614 s/f building as exclusive agent for the seller, Wonforo Associates. Besen said, "Special multifamily assets like 140 West 86th St. rarely come to market, and consequently command the attention of a vast array of investors." In excess of 350 prospective buyers registered for the transaction, which included long-standing family ownership, condo converters as well as institutional, private equity and foreign investors. Slonim, who spearheaded the marketing effort for Besen & Associates, said, "It's always interesting to see how purchasers justify their bids, and thus to understand their business plan, return expectations, hold period or strategy. As the majority of the sizable buildings on West 86th St. have been converted a while back, condo converters definitely came out to kick the tires and run the numbers. However, bidders seeking to maintain the asset as a rental were of the majority." Wonforo Associates had owned the property for over three decades and Peter Tomback, principal and managing agent for the seller since 1991 was dedicated to continuously adding value to the asset by means of extensive, improvements and renovations as well as hands-on management. According to Tomback, Besen & Asscociates was awarded the exclusive mandate because of Besen's strong reputation in the N.Y.C. multifamily investment property arena. In addition to the traditional marketing plan, Besen & Associates created a dedicated website in support of the sale at www.140w86.com for prospective buyers to register for complete details and diligence materials. The seller was represented by Marc Landis, partner and chair of the real estate department, and Lonica Smith, counsel at Phillips Nizer LLP. The purchaser, Dylan NY Corp., was represented by Howard Wenig, managing partner and Daniel Altman, partner and chair of the transactional department at Belkin Burden Wenig & Goldman, LLP.