(To read more on the multifamily market, click here.)

NEW YORK CITY-In an all-cash transaction, a joint venture of a local investor and a pension fund advisor has acquired the Canterbury, a six-story, 49-unit apartment building on the Upper West Side for $10.4 million. The sellers were Robert S. Nelson, president of Nelson Management Group Ltd. and Michael Gerstein of Global One Investments.

Eastern Consolidated’s senior directors Deborah L. Gutoff and Jeffrey Troy introduced the sellers to the buyers. “The Upper West Side above 96th Street and all the way up to 125th Street in Harlem has become a major hotspot for real estate investors,” notes Gutoff.

Troy adds that once on the market, the Canterbury generated “a flurry of investor interest and sold swiftly at a premium because its rent roll offers substantial future upside.” Attorneys Belinda Schwartz Esq. of Herrick, Feinstein LLP acted for the seller, while Nick Donovan, Esq. of Donovan & Giannuzzi represented the buyer.

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