Besen & Associates Sells Upper West Side Apartment Building

First Sale in Over Fifty Years

October 22, 2009 – Shallini Mehra and Carol Ann Flint, both Senior Directors at Besen & Associates, have just closed the sale of a seven-story elevator apartment building located at 107-West 68th Street for $6,800,000. The property was long held in a limited partnership with 400 shareholders, which was converted after bankruptcy filing for the limited partnership into a trust. This asset has traded after fifty years of ownership.

Located in the Lincoln Square neighborhood of Manhattan, the property occupies 60.5 feet of frontage along West 68th Street between Columbus Avenue and Broadway. The building contains thirty apartments with 22,380 existing s.f. and 9,192 square feet of air rights.
The property was originally built as three buildings in 1930 which were subsequently combined and renovated in 1956. The elevator was replaced in 2007. It is located within walking distance to the West 66th subway stop on Broadway.

At a selling price of $6,800,000, the price per square foot is $304, with gross rent multiplier working out to 17.4 and a 2% capitalization rate. Average monthly rent per apartment equates to $1,122, and average rent per room equals $378. 28 of the 30 apartments are rent stabilized, and 29 are of the units are one-bedrooms with potential to reconfigure apartments into more bedrooms.
The seller was represented by Alexander Berger of Reitler, Brown & Rosenblatt and the purchaser was represented by Aaron Seligson of Seligson, Rothman & Rothman.