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[IMGCAP(1)]NEW YORK CITY-Mitchell Banchik sold 215 W. 108th St. and 210 W. 109th St. to Morris Moinian for $16.5 million. Roni Abudi and Dan Suissa, senior brokers at GFI Realty Services Inc., represented the seller in the transaction. Shawn Sadaghati, also a senior broker at GFI, represented the buyer.

The residential buildings are five and six story walk-ups consisting of 44 total units. These units are primarily two- and three-bedroom renovated apartments, 31 units are free market. The cap rate on this transaction was 5.7%, 14.5 times the rent roll.

[IMGCAP(2)]A source close to the deal tells GlobeSt.com that the seller is in the restaurant and bar business and does not focus on being a landlord. “These are the only two residential buildings he owns,” the source explains. “When presented with this offer, he couldn’t refuse.”

The source notes that the buyer was under a 1031 exchange and needed to buy properties. “Morris liked the location,” the source says. “He saw future opportunity and felt that current rents on the free market units were below market.”

According to Abudi, this package offered Moinian prime real estate, totaling 31,425 sf of property. It also included an additional 22,948 sf of air rights.

“This is the second transaction in which GFI has represented Mr. Moinian,” notes Shawn Sadaghati in a prepared release. “Moinian recognized the potential of this off market package and was able to secure the deal immediately. He intends to renovate the vacant apartments and upgrade both of these buildings.”

The source tells GlobeSt.com that although they do not know the exact number of vacant apartments that will be renovated, however the renovations that are done will include new kitchens, bathrooms, flooring and an upgraded electrical system.

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