Doshi, Blumberg and Haas of Besen complete $7 million sale of mixed-use building

Besen & Associates completed the sale of 414 East 73rd St. located on the Upper East Side between York and First Aves. The subject property is a six-story elevator building comprised of 21 apartments and one ground floor retail unit which is leased to a cleaners. The building is 25' x 82' with 14,200 s/f. The $7 million transaction was completed by Besen's Amit Doshi, Lynda Blumberg, and Rolfe Haas. Haas, a recent addition to the Besen investment sales team, represented the purchaser who is a local private investor who had a 1031 exchange to execute. "The purchaser was a complete pro who knew this was a great investment on his first visit," said Haas. "We expedited the due diligence within seven days, including engineering and environmental inspections and detailed reviews of tenant leases, went into contract immediately, and closed within 45 days on a prime asset that has additional unrealized upside in one of the most desirable residential neighborhoods in Manhattan." Doshi represented the seller, a long-term owner. One of the highest numbers procured by outside brokerage was in the mid $6 million range. Besen was able to not only achieve a price of $7 million, but did so in an all-cash closing within two weeks. This transaction equates to a robust 15 GRM, less than 4% capitalization rate, under $500 per s/f and $304,348 per unit. This transaction comes on the heels of the sale of 1444 Third Ave., which was a corner walkup located at East 82nd St. sold by Besen & Associates over the summer for $7.5 million.