Building

Sold First Time in 40+ Years

355 East 50th Street

Turtle

Bay | $4,425,000 - SOLD

355 East 50th Street is an 8- unit, 20’ foot wide building comprising of 7 residential apartments and 1 retail space. 6 of the residential units were rent regulated which made the asset eligible for sub- rehabilitation. The transaction was in contract for over 6 months as a rent controlled tenant was in the process of vacating with an executed buyout agreement. Post 6 months closing, the new operator has already gut renovated the building into condo- like finishes with $5,500 average rents and secured a high- end Omakase restaurant for the retail. The seller completed his 1031 exchange into a Mavis Discount Tire chain in Georgia with no management responsibilities.

18’ Footer Brownstone Sells for 25% Above Market to Westchester Single Family Home Converter with 30- Day Close

Upper West Side | $4,500,000 - SOLD

The buyer for 330 West 88th Street was circling the opportunity for 3+ years, but the seller was unable to deliver the building vacant during COVID. Once ownership vacated the building, the purchaser who is a single - family home converter from Westchester signed the contract and closed within 30 days, all cash. The per square foot we achieved was one of the highest for an 18- foot- wide building along West End & Riverside. The seller who also operates several rent stabilized buildings in Queens, chose to do a 1031 exchange into a local condo on the Upper West Side.

Deal

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100% Free Market