Sources say that a ballpark price per unit, due to other tradeprices on the street could exceed $250,000 per unit, adding thatthe sale will benefit from the recent city council adoption of theColumbia University expansion, the continual improvement of thehousing stock in the Manhattan Valley submarket, and the new theUpper West Side Rezoning Plan. With that comp price, it could fetch$96 million. A source close to the deal tells GlobeSt.com that theyare not able to disclose who the seller is at this point, nor arethey able to disclose reasons for selling.

"This portfolio reflects a rare combination of geographicconcentration and upside in potential revenue," Gross says. "Withaverage monthly rents priced at approximately $1,000, the new ownerwill be able to make additional capital improvements to theapartments--ownership has already spent $2.6 million to date onimprovements--and accordingly increase rental rates as leasesexpire. The demand for these properties is steady, and there shouldbe sufficient turnover for income growth."

Among the 384 apartments, there are four studio units, 32one-bedrooms, 269 two- bedrooms, and 79 three-bedrooms. Two hundredfifty-two units are rent stabilized, 35 are designated seniorcitizen units, four are Section 8, 60 are rent controlled and 33are destabilized.