Lipton and Levine of Invictus Property Advisors handle UWS portfolio sale: $8.05 million

 

 

Manhattan, NY Invictus Property Advisors closed the sale of a portfolio of properties located on the Upper West Side. The sale price was $8.05 million. Josh Lipton and Andrew Levine of Invictus represented both sides of the transaction.

The package consisted of three landmarked multifamily assets located at 142 West 87^th St., 268 West 91^st St. and 638 West End Ave. There were a total of 32 residential units of which 18 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/per s/f, and $251,562 per unit.

The assets were owned and operated by the seller, a private real estate family, for several decades.  The Invictus team accommodated ownership’s request of a swift and targeted marketing campaign in a condensed, three-week period.

According to Invictus, “These metrics represent a cheap basis and a compelling entry-point into the prime Upper West Side submarket.  We expect the assets to stabilize at a much higher rate of return once the investors execute on their business plan.”