Manhattan Valley Portfolio Sells for $52M
- May 15, 2017
Four multifamily elevator buildings located in the Upper West Side’s Manhattan Valley neighborhood changed hands for $51.9 million in a deal brokered by Eastern Consolidated. The portfolio includes 100 apartments located at 60-68 W. 107th St. The buildings last traded in 1969, according to public records. Eastern Consolidated Senior Director & Principal Matt Sparks represented the seller, Suehar Associates, an entity affiliated with real estate investor Seymour Alpert. Executive Managing Director & Principal Ron Solarz acted on behalf of the buyer, Abraham Fruchthandler’s FBE Ltd.
The buildings were constructed in 1940 and total 100,546 square feet, according to PropertyShark data. The portfolio features 25 two-bedroom apartments and 75 three-bedroom apartments, with a 1,006-square-foot average unit size. The assets are located minutes away from Central Park and Morningside Park, Columbia University, Barnard College and Manhattan School of Music, as well as restaurants, cafes and shops.
“These four buildings have been under the same ownership for six decades, and are located in an area where rent growth continually outperforms other markets,” Sparks said in a prepared statement. In another recent deal, Eastern Consolidated closed the $40.7 million sale of a Queens community.
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