Real estate investment firms Dalan Management Associates and Elion Partners, working as a joint venture, have acquired two adjacent apartment buildings totaling 68 units—with ground-floor retail—for $66 million from AAG Management. The properties are 2568 Broadway and 226 West 97th St. on Manhattan’s Upper West Side.
Both buildings are eight stories with elevators, with one containing ground-floor retail tenants, Bank of America, Dunkin Donuts and Paris Baguette. The Broadway units are one block from the West 96th St. subway station.
Dalan and Elion plan to co-manage the asset. According to the buyers, their long-term goal will be a renovation of the residential units, adding bedrooms and splitting apartments where possible for more functional living space.
“The competitive advantage of these units is their Upper West side location, across from one of the two major subway stops in this neighborhood,” said Daniel Wrublin of Dalan Management. Dalan currently owns and operates about 1,500 residential units and 1.5 million square feet of commercial properties.
“This partnership aligns with Elion’s overall investment strategy, which focuses on acquiring high-quality assets at or below replacement costs, in irreplaceable locations, with the use of moderate to low leverage,” said Juan DeAngulo, managing partner at Elion.