Meridian’s Schechtman, Mehra, Doshi, and Kassin complete $17.1 million Upper West Side building sale

New York, NY Meridian’s David Schechtman, Shallini Mehra, Amit Doshi, and Abie Kassin recently closed on the sale of 227 Riverside Dr. This 48,178 s/f, corner elevator building has 40 apartments and is located on the southeast corner of West 95th St., directly across from Riverside Park. 227 Riverside Dr. sold for $17.1 million, which translates to $355 per s/f, $428,000 per unit, and a 13.3x gross rent multiplier.

Meridian Investment Sales represented both the seller, River Arms Realty Associates LLC, and the purchaser.

“Prewar buildings of this caliber do not come to market often. The purchaser acquired 227 Riverside as part of a 1031 exchange with a long-term investment horizon,” said Mehra.

“Builders are just not producing pre-war gems like 227 Riverside Dr., which the buyer equally recognized despite the low initial cap rate,” said Schechtman.

Doshi said, “The property has been under the same ownership for 67 years and 53% of the units are older, free market units providing the purchaser with a value-add investment strategy and rental upside.”

Riverside Drive is anchored by Riverside Park, which spans four miles along the Hudson River and provides a space with open air for nearby residents. The property also provides access to the Henry Hudson Pkwy, and the 96th St. subway station.

Meridian’s executive vice president, Aaron Birnbaum, and senior managing director, Carol Shelby, were able to secure attractive acquisition financing from a local bank. Attorney Steve Farer of Farer Law Firm PC represented the seller and Gary Strauss of Gerstein Strauss & Rinaldi LLP represented the purchaser.