Broadway Corner Property Duo Sold at a Premium

The sale of 2461-2463 Broadway drew significant interest and multiple rounds of bidding, according to C&W.

NEW YORK CITY—A pair of mixed-use buildings at the corner of 91st Street and Broadway on the Upper West Side attracted significant interest while up for sale and eventually sold at more than $2,069-per-square-foot. The buildings at 2461-2463 Broadway were sold by Ninety-First Street Associates to local buyer 2461 Broadway LLC . Cushman & Wakefield ‘s Hall Oster , Clint Olsen and Teddy Galligan brokered the deal on behalf of the seller. The properties changed hands in an all cash deal for $37.6 million, or roughly $640-per-buildable-square-foot, and about a 2.9% capitalization rate. 2461 Broadway is a six-story, corner, elevator building with 12 apartments and two commercial units occupied by a laundromat and a Bank of America. 2463 Broadway is a two-story commercial building anchored by Le Pain Quotidien. The property’s availability drew significant interest and multiple rounds of bidding. “Buyers rarely have a chance to acquire properties on Broadway. When a corner hits the market, there comes an inevitable flood of interest,” says Oster. “After multiple rounds of bidding, we were able to identify a local, buy-and-hold operator who will continue to run the buildings as rentals, realizing the long-term value of the excess air rights,” adds Olsen. The parcels feature more than 50 feet of frontage on Broadway and combine for a 5,369-square-foot lot. At the time of sale, the properties consisted of two adjacent buildings totaling approximately 18,166 square feet. The buildings are located in a C4-6A (R10 Residential Equivalent) commercial zoning district, yielding approximately 53,690 buildable square feet as-of-right and are eligible for an additional 10,738 square feet of Inclusionary bonus rights, C&W reports.