X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Marking the latest in a recent spate of commercial sales Uptown, Five Spruce 109 LLC sells its eight apartment building, 147-unit portfolio to investor Baruch Singer for $15.4 million in cash. Robert A. Knakal, chairman of Massey Knakal Realty Services Inc. and broker Meyrick Ferguson represented both buyer and seller.

Little will change in the wake of the sale, according to Knakel. “The new owner will continue to run it as a residential portfolio,” he tells GlobeSt.com. The previous management team, R A. Cohen, did not transfer with the deal: buyer Singer will self-manage the units.

Located at W. 109 St. and Broadway, the portfolio of five-story buildings consists of 93 rent-stabilized units, 26 rent-controlled units and eight decontrolled units; the remaining units are used for building supervisors. Four of the apartments are studios, 21 are one-bedrooms, 85 are two-bedrooms, 30 are three-bedrooms, and seven are four-bedroom apartments. All units have walk-up access only. The red-brick structures were built in the 1920s.

Gross rent on the package is approximately $1.6 million, yielding a net operating income of $1.1 million. “We were very pleased to achieve a record price level of almost 10 times the gross rent for walk-up buildings in this area,” says Knakal. “A desire for liquidity by the LLC prompted this transaction.”

Uptown Manhattan has seen several large transactions this month, including a 38,000-sf residential sale on Fifth Ave. between 115 and 116 streets and 30,000-sf sale at 100-112 W. 125 St., a parcel slated for possible big-box retail development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.