Carillo, Ricci and Nigido of Eastern Consolidated broker $4.1 million sale

A five-story, 10,000 s/f, 15-unit apartment building, located at 518 East 81st St. in the Yorkville neighborhood, has traded for $4.1 million, all cash. The buyer was Kam Full LLC., a local investor group with several holdings throughout the Tri-State area. Eastern Consolidated senior director Peter Carillo with director Louis Ricci and senior analyst Paul Nigido represented the seller, NSS Realty. Carillo procured the buyer for the 100% occupied, well-maintained property. "Initially, the new buyer will benefit from the upside potential when leases expire, since the rental rates are well below market," said Carillo, "But ultimately, what makes this investment so attractive is that it represents a prime future condominium conversion opportunity." The units are all renovated and free-market, the building has been extremely well maintained, and features a recently pointed new brick façade and steam cleaning. The building is situated mid-block on the south side of East 81st St. between York and East End Aves., south of Carl Schurz Park.