News

New Acquisition

COUTINHO PROPERTIES IS PLEASED TO ANNOUNCE THE PURCHASE of 5 WEST 101^st STREET FROM THE ORBACH GROUP. THE BUILDING IS A THIRTEEN- THOUSAND SQUARE FOOT, FIVE-STORY, PRE-WAR WALK-UP WITH TWENTY APARTMENTS. MOST OF THEM BEING NEWLY RENOVATED TWO AND THREE BEDROOM UNITS. MANY WITH CONDO-LIKE FEATURES (WASHER/DRYER, WALL-MOUNTED TV, VIDEO INTERCOMS, CENTRAL TEMPERATURE CONTROL). THE BUILDING IS SITUATED STEPS FROM THE OASIS OF CENTRAL PARK. THE SALE AT A CAPITALIZATION RATE OF FIVE-PERCENT (5.0%) AND GROSS INCOME MULTIPLE OF LESS THAN FOURTEEN (13.90), COUNTS AS A CONSIDERABLE BARGAIN IN THE CURRENT, OVER-PRICED MANHATTAN MULTI-FAMILY MARKET. MR. HALL OSTER OF CUSHMAN-WAKEFIELD REPRESENTED BOTH PARTIES IN THIS TRANSACTION.