Garcia of Besen & Associates sells 20-unit walk-up for $6.75 million; Five-story property consists of 11,880 s/f with 35 ft. of frontage

Besen & Associates arranged the sale of 159-161 West 85th St., located between Amsterdam and Columbus Aves. on a prime Upper West Side block. This property sold for $6.75 million, which equates to a GRM of 18.2, a cap rate of 3.2%, and $568 per s/f. Matthew Garcia of Besen represented the seller and also procured the buyer. Built in 1900, this 5-story walk-up building is comprised of 20 apartments and consists of 11,880 s/f with a highly unusual 35 ft. of frontage. The building predominantly consists of rent stabilized units offering significant upside to the purchaser. Dimensions of the building are 35' x 63' and it contains 11,880 gross s/f. Various capital improvements have been made to the property, including installation of a new gas boiler, brick pointing, and a new seal on the roof. Four apartments have been renovated in the last two years, while the majority of apartments have been renovated in the previous five years. The seller, a longtime family partnership, realized the improved market conditions and capitalized on the opportunity to sell into a favorable environment. The purchaser, a local New York based investor, was able to get the property under contract in a matter of days beating out competition in the process. "This was truly a win-win situation," Garcia said. "The seller was contemplating a sale for a few years and realized now was the time. Additionally, the buyer secured a property in a submarket that only sees a few of these types of assets present themselves on an annual basis. Ultimately, they felt this was a great asset to hold for the long term, with much growth potential." The property is steps away from Central Park and the American Museum of Natural History. It is also conveniently located near the West 86th St. and West 81st St. subway stations.