The attractive, 9-story, red-brick rental apartment building at 134 West 93rd Street has been sold for $17,100,000 by Massey Knakal Realty Services.
The 53-unit, mid-block building is between Amsterdam and Columbus Avenues and currently has 25 rent-stabilized apartments, 9 rent-controlled units and 19 free-market units.
Robert Knakal, who represented the seller with James Ventura and Meyrick Ferguson, said that "the Manhattan purchaser plans to renovate the property in order to raise the rents substantially,"adding, however, that ". The property is also an excellent candidate for long-term condo conversion due to its pre-war nature and low price per square foot."
Current rent prices, according to Mr. Knakal, are about 50 percent of the market.
The building is on a plot that measures 87 by 82 feet and it contains about 57,750 square feet.
The transaction, according to Mr. Knakal, the chairman of Massey Knakal, occurred at a capitalization rate of 2.88% and a gross rent multiple of 17.66 and the property sold for $296.10 per square foot.
The 53-unit, mid-block building is between Amsterdam and Columbus Avenues and currently has 25 rent-stabilized apartments, 9 rent-controlled units and 19 free-market units.
Robert Knakal, who represented the seller with James Ventura and Meyrick Ferguson, said that "the Manhattan purchaser plans to renovate the property in order to raise the rents substantially,"adding, however, that ". The property is also an excellent candidate for long-term condo conversion due to its pre-war nature and low price per square foot."
Current rent prices, according to Mr. Knakal, are about 50 percent of the market.
The building is on a plot that measures 87 by 82 feet and it contains about 57,750 square feet.
The transaction, according to Mr. Knakal, the chairman of Massey Knakal, occurred at a capitalization rate of 2.88% and a gross rent multiple of 17.66 and the property sold for $296.10 per square foot.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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