Sparks of Eastern Consolidated reps seller Morningside Partners I in $58 million sale

Manhattan, NY Eastern Consolidated has arranged the sale of 14 multifamily properties with 176 residential units and eight retail stores for a total of $58 million. Matthew Sparks, senior director for Eastern Consolidated, represented the seller, Morningside Partners I, L.P., and 9-11 CPN LLC, and the buyer, a private investor. Wade Hazelton, associate director of Financial Services, served as the analyst on the deal. Of the properties, 13 are walk-up apartment buildings located on one city block between Manhattan Ave. and Frederick Douglass Blvd. and West 114th and West 115th Sts. in Morningside Heights. The 13 properties, which total more than 125,000 s/f, together sold for $47 million, or $376 per s/f. In a separate transaction, a 23,640 s/f, five-story walk-up located at 9-11 Central Park North between Fifth and Lenox Aves. sold for $11 million, or $465 per s/f. “These well-maintained buildings offer inherent upside for the buyer and are ideally situated in one of the hottest neighborhoods in New York City,” Sparks said. “The Frederick Douglass Boulevard rezoning over 10 years ago spurred condominium development along the corridor and in recent years new restaurants and other amenities have followed. The area is attracting young families searching for more space, as well as young singles who want to live in a vibrant area that is near two major parks, Morningside Park and Central Park, and excellent transportation.” The buildings are conveniently located near the B, C, 2, and 3 subway lines for easy access to Midtown Manhattan.