Gutoff and Ezratty of Eastern Consolidated and Kalaj of Meridian represent seller $7 million apartment package deal

A package of 24 sponsor-owned apartments located in an 111-unit apartment building at 200 W. 108th St. has traded for $7 million. Eastern Consolidated senior director Deborah Gutoff with vice chairman Brian Ezratty along with Gjon Kalaj of Meridian Real Estate Group, represented the seller, the trustee of a revocable living trust; while Eastern Consolidated director, George Moss, procured the buyer, 108 Amsterdam Realty Co. LLC. "Being sold as part of the settlement of an estate, the sale generated a great deal of interest, not only because of its excellent location, but because of its financial upside," said Gutoff who explained that since two thirds of the apartments are free market and one third rent-regulated, the new owner can enjoy either immediate income from continuing to rent the free market units, or they can be renovated and sold, resulting in an even higher ROI. In most bulk sales of this nature, the majority of the units are rent-regulated and often have a negative cash flow. "The pre-war, 17-story building has been beautifully maintained, occupies a corner position on Amsterdam, and many of its apartments feature direct views of St. John the Divine," said Moss. "The coop package has tremendous resale potential in individual apartment sales. This will ultimately benefit the buyer on future profits" said Kalaj. Seth Feldman, Esq., of Feldman & Associates acted for the seller, while Scott Saturn, Esq represented the buyer. Kalaj is a 15-year real estate veteran who specializes in residential & commercial leasing and sales in New York.