Gutoff tells GlobeSt.com that she cannot disclose the buyer'sidentity at this time, however she did note that there were a "halfa dozen" bidders. The taking price of the building, which was builtin the 1930s, was "close to the negotiated asking price," she adds.The selling price is an "excellent price for this asset in themarket."
The buildings comprise the entire block front on AmsterdamAvenue between West 92nd and West 93rd streets with 134 rentalunits and 11 retail stores with more than 10,000 sf. The buyer wasattracted to the upside potential of the property, Gutoff says,including improving the units, and long-term development potential."Rents are low in the building and there's opportunity for them toraise. The property has 200 feet of added new retail, which is hardto find in critical mass, especially on the Upper West Side."
Gotoff adds that the buyer does not have expansion plans for theimmediate future, "but the sale included over 1,000 feet of as ofrights air rights, which could be developed in the future." Theability to secure attractive 75% loan-to-value financing from iStarFinancial was the key component to getting the deal closed in thistight mortgage climate, Gutoff says.
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