On behalf of West End Manor, LLC, Cushman & Wakefield has arranged the sale of 315-317 West 102nd Street, a 36,000-square-foot, nine-story pre-war apartment building located between West End Avenue and Riverside Drive. The transaction was valued at $23,500,000 or approximately $648 per square foot.
The purchaser was a private real estate investor with an existing portfolio of multifamily and mixed-use properties in Manhattan and Queens.
Senior 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 approximately 36,252 gross square feet 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. The building also features a sleek lobby and over ten-foot ceiling heights throughout.
“315 West 102nd Street 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.