Purchase Contract

01.06.2012 02:12


Coutinho Properties is pleased to announce that they have signed a purchase contract for the five-story plus penthouse floor, building located at 69 West 107th Street, in Manhattan's Upper West Side. The building which is a fourteen thousand square foot, nineteen unit building, was gut renovated circa 1989-1991, is half free-market and half rent stabilized, thus offering good 'upside potential' for future income growth. Notwithstanding the currently 'aggressive' market for multi-family residential offerings in Manhattan, the building is being sold for good value: a income multiple of less than thirteen and a capitalization rate of approximately 5.15%. We anticipate closing in September of this year.