Koda and Soleiman of Besen & Associates complete sale of 131 West 80th Street for $5 million

Besen & Associates arranged the sale of 131 West 80th St., located between Amsterdam Ave. and Columbus Ave. in the borough's Upper West Side. Besen & Associates broker Robert Koda represented the seller and Hilly Soleiman represented the buyer and in this transaction. It was sold for $5 million to a local private investor. This pre-war brownstone is a four-story multifamily building comprised of nine apartments. Constructed in 1900 and renovated in 1998, it has 6,425 s/f and is built on a 21' x 102.17' lot. The sale price of $5 million equates to a capitalization rate of 2.1% and $778 per s/f. The property is near the [A, B, C, 1, 2] subway trains. Six of the nine apartments are free market status. The purchaser has future plans to convert the property into a townhouse. This landmark building previously sold for $2.8 million in 2008. "While this was a low-yield return, it was an attractive opportunity on an absolute price per square foot basis," said Soleiman. "Townhouses on the Upper West Side are selling for double and beyond." Attorney Sander Srulowitz, Esq. of Sonnenschein, Sherman & Deutsch represented the seller. The buyer was represented by Mark Chapman, Esq. of Law Offices of Chapman & Associates, PLLC