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 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.


According to Carillo, "the Upper West Side is one of the mostsought-after neighborhoods in Manhattan. New construction aboundsand is attracting an ever-widening up-market segment. Plus, apotential long-term investment strategy could be to convert some orall the buildings to condominiums in the future."

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Natalie Dolce

Natalie Dolce, editor-in-chief of and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel,, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including and Museums New York magazine.