Ezratty, Guttoff and Moss of Eastern Consolidated broker sale of 128 sponsor-held condominiums

New York, NY Eastern Consolidated has arranged the sale of a package of 128 sponsor-held condominiums in a 280-unit, 29-story, 403,000 s/f condominium building at 100 West 93^rd St., one block from Central Park on the Upper West Side. The package is the largest portfolio of unsold sponsor units to trade in Manhattan so far this year. Exclusive agent, Eastern Consolidated, was led by Brian Ezratty, vice chairman and principal, Deborah Gutoff, senior director and principal, and George Moss, senior director, who represented the sellers, a real estate investment partnership.  Gutoff and Moss procured the buyer, a local real estate investor. Scott Ellard, vice president and principal, served as the analyst for the deal. “This was a very hotly sought after condo package that generated a great deal of investor interest,” Ezratty said. “Condo and co-op portfolios of this kind generally appeal to a core group of niche investors, but this package also attracted broader interest from multifamily investors.” Gutoff noted that Eastern Consolidated is a prominent market-maker in arranging the sale of portfolios of sponsor-held condominiums and co-ops, which are attractive to investors because the units are purchased at a deep discount to their vacant market value and offer tremendous long-term upside. “A package like this one at 100 West 93^rd St. within a newly repositioned high-rise apartment building rarely becomes available in such a desirable residential neighborhood,” Gutoff said. Built in 1973,100 West 93^rd Street was converted to condominium ownership in 2007 and repositioned with the addition of retail space on the ground floor and lower level, which is leased to Party City and Trader Joe’s; a large new community facility, which is leased to a school; and an enormous private, landscaped roof deck with outdoor seating at the second floor level. The meticulously maintained condominium building also features a renovated lobby and common areas, a doorman, concierge services, parking garage, bike storage room, fitness center, and children’s playroom. The building is a block from the Trinity School and near other schools, houses of worship, retail stores, restaurants, and cultural and entertainment venues as well as Riverside Park and Central Park.