Former Bed and Breakfast Sells for $8.6 M.

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A Long Island-based developer has reportedly purchased a late 19th-century residential building and former bed and breakfast at 36 Riverside Drive for $8.6 million, marking the first time the building has traded in five decades.

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36 Riverside Drive (Credit: The Real Deal)

The 7,380-square-foot building, which features eight residential units and views of the Hudson River, sold for $100,000 over its asking price following a competitive bid, Eastern Consolidated Senior Director Adelaide Polsinelli, who represented the seller and was the sole broker on the deal, told The Real Deal.

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“This building was on the market for less than a month – that’s how fast great properties are changing hands in this neighborhood,” Ms. Polsinelli said, calling the Upper West Side a “safe haven” for investment capital.

The new owner of the property, a former bed and breakfast and one of the earliest row houses built on Riverside Drive, may convert the property into a single-family home or for “institutional use,” Ms. Polsinelli said.

Sales of multi-family properties on the Upper West Side increased by 300 percent year-over-year in 2012, according to a recent report prepared by Eastern Consolidated’s chief economist Barbara Byrne Denham, the publication noted.