Sales Beat

New Year’s Eve Sale: Gilar Group Acquires 2410-2418 Broadway for $47 Million

2410-2418 Broadway, aka 214-218 West 89th Street

2410-2418 Broadway, aka 214-218 West 89th Street

Albert and Robert Gilardian, of The Gilar Group, acquired 2410-2418 Broadway for $47 million. The transaction closed prior to the New Year and the seller, M.E. & A Realty Co., was motivated in part by concerns over the looming hikes in capital gains taxes and fiscal cliff concerns, according to a release prepared by Eastern Consolidated, which represented the seller in collaboration with Besen & Associates

The 12-story prewar multifamily building – also known as 214-218 West 89th Street – is located on the southeast corner of Broadway and 89th Street.

The seller – comprised of about 14 owners, some of whom had been with the building for decades – was discovered by Patricia Garcia and Aliza Avital, then with Eastern Consolidated. After months of establishing a relationship with the owners, the duo was invited to pitch for exclusive right to take the building to market. The seller chose to offer the listing to Eastern and Besen executive director, Amit Doshi, and the three brokers began to shop the building.

“We received an enormous amount of interest,” Ms. Garcia said. Well known brokerages, international and national investors came to inquire. “It really spread like wildfire.”

Even after breaking away from Eastern to start their own firm – Emerald Equities – Mss. Avital and Garcia continued negotiating the deal, along with Mr. Doshi, as well as Eastern executive managing director, Alan P. Miller.

“It was very difficult to get all the partners together and agree about a price,” said Ms. Avital. The team had a very short time to market the deal because it was a year end closing. “It was one of the hardest deals I’ve ever done,” Ms. Avital added.

The deal closed the evening of December 31.

The property’s 5,000-square-foot street level retail component, stretching 100 linear feet on Broadway, is divided into six units and its most valuable corner retail space has already generated inquiries exceeding $250 per square foot, according to the release.

Built in 1915, the property consists of one, two, and three-bedroom apartments. It is located only three blocks north of the West 86th Street Number 2 Subway on Broadway. Nearby points of interest include Symphony Space, The Museum of Natural History, and Lincoln Center and the Time Warner Center further to the south.

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