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Posted: January 11, 2022
Invictus Property Advisors complete 3 sales
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New York, NY Invictus Property Advisors (“Invictus”) announced a closing of the Upper West Side Portfolio for $8.05 million. The package consisted of three landmarked multifamily assets located at 142 West 87th St., 268 West 91st St.and 638 West End Ave. in the Central Park West Historic District and the West End Historic District. There were a total of thirty-two residential units of which eighteen were free market with under-market “COVID-19” rents. The purchaser plans on upgrading the units and condition of the buildings to generate rents in-line with market.
The purchase price represents a 4.75% cap rate, 11.3x GRM, $429 s/f, and $251,562/Unit. The assets were owned and operated by the seller, a private real estate family, for several decades. Josh Lipton and Andrew Levine of Invictus represented both sides of the transaction
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