(Read more on the multifamily market.)

NEW YORK CITY-The Parc Lincoln at 164 W. 75th St. in Manhattan’s Upper West Side has sold for $32.8 million to a purchaser named 164 W. 75th St LLC. The sale price was $400 per sf and represented a projected 5.2% cap rate.

The seller was Margules & Associates. The 16-story prewar elevator property contains 214 residential units and a ground-floor retail space occupied by the Cesca restaurant. The property was originally a single-room occupancy, however, to date, 100 units have been converted to class A apartments.

The property is located near all transportation and cultural attractions. Besen & Associates Inc. were the leasing agents for the property. “Priced at under $500 per sf, with over 100 units rented at less than $500 per month, this asset is prime for redevelopment,” notes Adelaide Polsinelli, a senior executive broker at Besen & Associates.

Polsinelli tells GlobeSt.com that the original owners bought the building in 1999. “They did extensive renovations and reconfigured the lobby to form a more exciting retail space,” she says. “They also signed up the current restaurant tenant and began making attractive changes into the building.”

Polsinelli adds that the owners “began renovating the apartments to class A and needed a huge cash infusion. Rather than commit to finishing this project they decided it was time to sell and capture some of the market appreciation.”

The buyer saw the potential to convert the remaining units to class A and make additional upgrades, Polsinelli explains. “This was an attractive deal because it sold for $400 per sf., in a market where new construction would cost twice that.”

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