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NEW YORK CITY-Two pre-war apartment buildings on Manhattan’s Upper West Side at 201 W. 92nd St. and 200 W. 93rd St., have recently traded for $61 million to a Manhattan-based operator. Eastern Consolidated’s director George Moss, senior director Deborah Gutoff, with analyst Paul Nigido, represented the seller, a partnership including Kent Swig of Swig Equities, while Brian Ezratty, vice chairman of Eastern Consolidated, procured the buyer and negotiated the financing on his behalf with iStar Financial.

Gutoff tells GlobeSt.com that she cannot disclose the buyer’s identity at this time, however she did note that there were a “half a dozen” bidders. The taking price of the building, which was built in the 1930s, was “close to the negotiated asking price,” she adds. The selling price is an “excellent price for this asset in the market.”

The buildings comprise the entire block front on Amsterdam Avenue between West 92nd and West 93rd streets with 134 rental units and 11 retail stores with more than 10,000 sf. The buyer was attracted to the upside potential of the property, Gutoff says, including improving the units, and long-term development potential. “Rents are low in the building and there’s opportunity for them to raise. The property has 200 feet of added new retail, which is hard to find in critical mass, especially on the Upper West Side.”

Gotoff adds that the buyer does not have expansion plans for the immediate future, “but the sale included over 1,000 feet of as of rights air rights, which could be developed in the future.” The ability to secure attractive 75% loan-to-value financing from iStar Financial was the key component to getting the deal closed in this tight mortgage climate, Gutoff says.

As for reasons for selling, she notes that the partnership “just had different views and visions.” Attorneys in the transaction were Robert Sorin and Alexis Kremen of Fried, Frank, Harris, Shriver for the seller, and Steven Holm of Levy Holm Pellegrino and Drath LLP for the buyer.

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