Reilly Mann Newell Group has completed the sale of 951-953 Amsterdam Ave. The properties consist of two five-story renovated walk-ups containing 34 free market units and two stores. Situated between West 106th and West 107th Sts., the buildings were sold for a price of $10.638 million, which is 14.5 times the gross rent-roll and cap rate of 4%.The Lebewohl Family and Partners purchased the property from 951-953 Amsterdam Ave., Associates, LLC, who over their period of ownership invested heavily in renovations and major capital improvements.
Reilly Mann Newell Group, partner, Wells Newell, was the sole broker. Tags: