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Brokerage
Posted: February 21, 2017
Smadbeck of Cushman & Wakefield coordinates $23.5 million sale of 315-317 West 102nd St.
315-317 West 102nd Street - Manhattan, NYManhattan, NY On behalf of West End Manor, LLC, Cushman & Wakefield (C&W) has arranged the sale of 315-317 West 102nd St., a 36,000 s/f, nine-story pre-war apartment building located between West End Ave. and Riverside Dr. The transaction was valued at $23.5 million or $648 per s/f. The purchaser was a private real estate investor with an existing portfolio of multifamily and mixed-use properties in the borough and Queens.
Paul Smadbeck, Cushman & WakefieldSenior managing director Paul Smadbeck represented both sides of the transaction along with colleagues Hall Oster, Teddy Galligan, Rob Stufano and Bryan Smadbeck.
The nine-story, elevator-serviced building contains 36,252 gross s/f and sits on a 55’ by 100.92’ lot. It is comprised of 36 apartments and a super’s unit in the basement. Of the 36, 18 are free-market, 16 are rent stabilized and two are rent-controlled.
Layouts consist of 18 one-bedrooms and 18 two-bedrooms. All free-market units and both passenger and freight elevators have recently been renovated.
“315 West 102nd St. had everything going for it: prime location, great unit sizes and ceiling heights, superior light and air, recent cap-ex, both immediate and long-term upside; there was literally nothing not to like about this property, and this was reflected in the outcome which resulted in our attaining the asking price at very aggressive in-place cap rate” said Smadbeck.
The property is situated in a residential neighborhood close to Columbia University, Riverside Park, and the Broadway retail corridor. It is accessible via the 1 train line at the 103rd St. station.
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