Gutoff tells 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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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.