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NEW YORK, NY – July 26, 2012 – Ariel Property Advisors has announced the closing of a pre-war, 21-unit apartment building at 6 West 107th Street, between Central Park West and Manhattan Avenue on the Upper West Side. The building sold for $8.75 million.
Brokers Shimon Shkury, Michael A. Tortorici, and Victor Sozio represented the building owner, Stonehenge Partners. Broker Joe Berko of Berko & Associates represented the buyer, a national multifamily owner and operator.
“6 West 107th Street offered just about everything a New York City multifamily investor wants to see: location, cash flow, and upside with a potential conversion opportunity,” said Shimon Shkury, president of Ariel Property Advisors. “As a result, it attracted a great deal of interest from local, national, and international investors throughout the marketing process.”
The seven-story, elevator apartment building is approximately 33,000 square feet and features 19 three-bedroom apartments, one four-bedroom apartment, and one studio. Eleven of the 21 units are free market rentals and ten are rent regulated. Recent capital improvements include a new elevator, pointing, waterproofing, painting, and façade improvements.
The property is close to a multitude of subway lines that provide commuters easy access to Lower Manhattan and the outer boroughs, and is about a 10 minute walk to Columbia University, which serves as an excellent source of tenants for apartment buildings in the area. Other neighborhood amenities include European style cafes, national retailers, and trendy bars.
For more information, please contact Mr. Shkury,212-544-9500, ext. 11, sshkury@arielpa.com, Mr. Tortorici, ext. 13,mtortorici@arielpa.com, or Mr. Sozio, ext. 12, vsozio@arielpa.com.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via mploc@arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.
