Completed the purchase of 69 West 107th Street, NYC

01.09.2012 12:48


Completed yesterday the purchase of 69 West 107th Street, NYC. This is a 14,000 +/- square foot, five-story plus penthouse, apartment building on the UWS. The building has nineteen, large-size (two and three bedroom) units. The building was gut-renovated circa 1990 and structurally it is in erste-klasse shape. Albeit the seller had (unfortunately) chosen to engage in lots of deferred maintenance and thus the building has to the naked eye, a run-down look to it. The sales price was Six-million and twenty-five thousand dollars. Which works out to a capitalization rate of 5.8% according to Co-star. Which in this market is for this type of product, very much on the cheap side of the ledger. The broker was Massey Knakal's Hall Oster, who indeed is (in the words of the playwright Sheridan) 'the prince of brokers'. I cannot say enough about his professionalism, good humor, and attentiveness to detail.The broker on the mortgage financing was the always professional Isaac Filler of Meridian Capital Group, who obtained for us a five and five term at a rate of three-percent, with New York Community.