Besen Sells Upper West Side Pre-War Gem For $28,000,000

Besen & Associates, Inc. is pleased to announce the $28,000,000 sale of 140 West 86th Street.  The 15-story plus penthouse apartment building built in 1925 and located in the heart of the Upper West Side of Manhattan consists of 44 apartments and three professional offices.

Michael Besen, President, and Matthew Slonim, Chief Operating Officer of Besen & Associates marketed the 66,614-square foot building as exclusive agent for the seller, Wonforo Associates.  Mr. Besen pointed out, “Special multi-family assets like 140 West 86th Street rarely come to market, and consequently command the attention of a vast array of investors.”  In excess of 350 prospective buyers registered for the transaction, which included long-standing family ownership, condo converters as well as institutional, private equity and foreign investors.

Mr. Slonim, who spearheaded the marketing effort for Besen & Associates continued: “It’s always interesting to see how purchasers justify their bids, and thus to understand their business plan, return expectations, hold period or strategy.  As the majority of the sizable buildings on West 86^th Street have been converted a while back, condo converters definitely came out to kick the tires and run the numbers.  However, bidders seeking to maintain the asset as a rental were of the majority.”

Wonforo Associates had owned the property for over three decades and Peter A. Tomback, Principal and Managing Agent for the seller since 1991 was dedicated to continuously adding value to the asset by means of extensive, improvements and renovations as well as hands-on management. According to Mr. Tomback, Besen & Asscociates was awarded the exclusive mandate because of Besen’s strong reputation in the NYC multi-family investment property arena.

In addition to the traditional marketing plan, Besen & Associates created a dedicated website in support of the sale at www.140w86.com for prospective buyers to register for complete details and diligence materials. 

The seller was represented by Marc A. Landis, Partner and Chair of the Real Estate Department, and Lonica L. Smith, Counsel at Phillips Nizer LLP.  The purchaser, Dylan NY Corp., was represented by Howard Wenig, Managing Partner and Daniel T. Altman, Partner and Chair of the Transactional Department at Belkin Burden Wenig & Goldman, LLP.