Doshi of Besen & Associates completes $22.25 million sale of 10-building portfolio; Mandell of Mandell, Okin, and Edelman reps seller

Amit Doshi, executive director at Besen & Associates, has closed the sale of a portfolio of 10 multifamily buildings containing 239 apartments and 25 stores located in the following northern Manhattan and Bronx locations: 2100-2102 Amsterdam Ave., 646-50 West 160th St., 2009-2011 Amsterdam Ave., 1619-1623 Amsterdam Ave., 1625-1635 Amsterdam Ave., 1461 Amsterdam Ave., 615-617 West 152nd St., 83-87 Audubon Ave., 554 East 149th St., 1911-1915 Southern Blvd., and 265 East 176th St. The portfolio mainly consists of walk-up buildings, with the exception of a block front, 1619-1623 Amsterdam Ave. and 1625-1635 Amsterdam Ave., both are seven-story elevator buildings with 36 apartments and eight stores. At a selling price of $22.25 million, the metrics of the sale work out to a gross rent multiplier under 7, price per unit of $84,280, price per s/f of $105. The properties were marketed for less than a month, with a closing period of 45 days (time being of the essence) as a critical component of the transaction for the seller. In an active 2010 for the firm, this was Doshi's 58th contract of the year. Mark Mandell of Mandell, Mandell, Okin and Edelman represented the seller, and Michael Papagianopolous of Karabelas & Papagianopolous represented the purchaser.