Morris Moinian’s Fortuna Realty Group has sold a 31,434-square-foot, two-building portfolio at 215 West 108th Street and 210 West 109th Street to real estate investor Joseph Franco for $14 million, The Commercial Observer has learned.
The six-story walk-up at 215 West 108th Street is roughly 17,710 square feet and has 23 units, nine of which are rent stabilized. The property at 210 West 109th Street, also a six-story walk-up, is 15,944 square feet, with 21 units, two of which are rent stabilized.
A majority of the units are two- and three-bedroom units, most of which have been renovated, sources said.
“Franco owns several properties in that submarket and this was a way to bite off too big units with more than 30,000 square feet and tremendous upside in great locations,” said Peter Von Der Ahe of Marcus & Millichap, who represented both parties in the transaction. “With higher-end residential moving into this part of town and multiple universities surrounding the area, there has been a lot of rent growth over the last few years.” Read More