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New Acquisition

COUTINHO PROPERTIES IS PLEASED TO ANNOUNCE THE SIGNING OF A CONTRACT FOR THE PURCHASE OF THE FOLLOWING PROPERTY PORTFOLIO: 110 WEST 111^TH STREET & 245 WEST 113^TH STREET. THESE TWO NEARLY IDENTICAL BUILDINGS ARE SIX-STORY, ELEVATOR BUILDINGS WITH TWENTY-FOUR AND TWENTY-FIVE UNITS EACH. EACH AS BUILT IS OVER TWENTY-ONE THOUSAND SQUARE FEET. MAKING FOR A COMBINED TOTAL OF FORTY-THREE THOUSAND SQUARE FEET AND FORTY-NINE UNITS. IN ADDITION THERE IS A VERIZON TOWER AT 110 WEST 111^TH STREET. AT AN AGREED PURCHASE PRICE OF LESS THAN THIRTEEN-MILLION DOLLARS, THE PRICE ON A DOLLAR PER SQUARE  FOOT BASIS WORKS OUT TO LESS THAN THREE-HUNDRED DOLLARS. WHICH GIVEN BOTH THE NATURE OF THE PRODUCT BEING PURCHASED AND THE LOCATION, IN A RAPIDLY GENTRIFYING NEIGHBORHOOD, EASILY WITHIN WALKING DISTANCE OF CENTRAL PARK, REPRESENTS A CONSIDERABLE VALUABLE FOR MONEY. ESPECIALLY, GIVEN THE OVER-PRICED PRODUCT WHICH IS CURRENTLY AVAILABLE ELSEWHERE. WE LOOK FORWARD TO CLOSING ON THIS TRANSACTION IN THE MONTH OF JULY. THE SELLERS ARE THE MAROLDA BROTHERS, THE BROKERS REPRESENTING BOTH SIDES IN THIS PROPOSED TRANSACTION IS BESEN & ASSOCIATES BROKERS RONNIE SHABAN & AMIT DOSHI.