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NEW YORK CITY-A pair of two five-story walk-up apartment buildings, composed of 18,720 sf and 40 units, has traded for just under $10 million. The pair, built in 1986, is situated on New York City's Upper West Side at 132-134 W. 109th St.

Only 10 out of the 40 units have been renovated and average rental rates are $1,550 per month. "The building showed great upside potential," says Alan P. Miller, a senior director at locally based Eastern Consolidated, who along with Aliza Avital represented the seller. Miller adds that the popular location was also a driver in the deal. The buildings are located between Columbus and Amsterdam avenues.

Eastern Consolidated director Peter Carillo procured the buyer, UK-based real estate investors. A spokesperson for Eastern Consolidated could not give further information on the buyer. Stuart I. Rich Esq. of Meister Seelig & Fein LLP represented the sellers in the transaction.

Miller tells GlobeSt.com that the Israel-based seller bought the property "a couple of years back of a flip and made a bit of profit on it," he says. "The area, not far from Columbia University is getting better and has come a long way in the past 15 years." Miller continued to explain that the Manhattan Valley as it is being called is becoming a prime location and apartments are still under-rented, so it has a lot of potential.

Miller adds that the property sold to overseas buyers that are new to the city and "eager to establish a foothold in Manhattan by acquiring residential properties in need of upgrading in prime neighborhoods," he says. "International people want to have a presence in New York.

"The building showed great upside potential," Miller says. "It's a very popular Upper West Side location, [which] was also a driver in the deal."

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