Newell and Mann of Reilly Mann Newell broker $15.95 million

The completion of a 1031 exchange was brokered by Reilly Mann Newell Realty Group. Having sold 3868 Broadway, Jack Lebewohl and partners, purchased 31-33 West 8th St. and 208 West 82nd St., totaling $15.95 million. 31-33 West 8th St. consists of 16 apartments and five stores between 5th and 6th Aves. in Greenwich Village. The price was $8.65 million, representing a gross rent multiplier of 12.5% and a cap rate of 5.8%. There is a substantial upside in both the commercial and residential rents. 208 West 82nd St. is a 20-unit elevator apartment building on the Upper Westside located between Amsterdam Ave. and Broadway. It was sold at a price of $7.3 million, which is 15 times the gross rent-roll and equates to a cap rate of 4.6%. Partners Wells Newell and Jim Mann of Reilly Mann Newell were the sole brokers.