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NEW YORK CITY-A Long Island investor interested in condo conversions picked up two elevatored apartment buildings at 201 West 92nd St. and 200 West 93rd St. for $54 million. The six-story, 201’3 x 150′ irregular buildings, which make up the entire blockfront on the west side of Amsterdam Avenue between the two streets, sold for $387.10 per sf.

Each contains two elevators and share a combined total of approximately 139,500 sf Also known as 656-74 Amsterdam Ave., the buildings contain 134 residential units and 14 commercial stores. Massey Knakal Realty Services was the sole broker in the all-cash transaction, which had a capitalization rate of 3.03% and a gross rent multiple of 17.75.

“We received 53 offers on the property within a three-week marketing period, from a mixture of developers, local real estate owners and institutions,” says Massey Knakal broker Meyrick Ferguson, who exclusively represented the seller. He says the buyer plans to take advantage of the 122,000 sf of additional air rights to create condominiums on the site.

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