Doshi and Polsinelli of Besen & Associates complete $32.8m sale of 164 West 75th St.

Amit Doshi and Adelaide Polsinelli, both senior executive brokers, at Besen & Associates, Inc. have completed the sale of their exclusive listing, The Parc Lincoln at 164 West 75th St. in the Upper West Side. The property is a 16 story elevator apartment building with 214 units, class a apartments and retail. The purchaser was 164 West 75th St. LLC. The attorney was Joel Rabine of Rabine & Nicklesberg. Margules & Associates sold the building. The property contains a ground floor retail space occupied by the restaurant, Cesca, where Yoko Ono has a private table. The property was originally a single room occupancy, however, to date, 100 units have been converted to class A apartments. It is located close to all transportation and cultural attractions. "Priced at under $500 per s/f., with over 100 units rented at less than $500 per month, this asset is prime for redevelopment," said Polsinelli. The sales price represented a projected 5.2% cap rate. The price per s/f was $400.