Residential Building at 425 West 205th Street Sells for $12.6M
Danielle Schlanger Dec. 19, 2014, 3:44 p.m.
A residential building at 425 West 205th Street has been bought by a family office with a strong presence in Upper Manhattan for $12.6 million, Commercial Observer has learned
According to Peter Von Der Ahe, one of the exclusive agents on this deal, the 72-unit, 77,967-square-foot elevator building between Ninth and 10th Avenues was sold by 425 West 205th Street Corp., a private individual who lives in Florida. The seller had managed the building, which sold for $175,000 per unit, himself, and had wanted to retire.
Seth Glasser, another broker on the deal, noted “it’s the first time in 30 years that the property has been on the market…[and] given that this was a large elevator builder, the competitive bidding environment allowed us to achieve a sale price three percent within our ask.”
Mr. Glasser added that this presented “a rare opportunity to purchase a 72-unit, post-war construction elevator building where every tenant was rent-stabilized.”
Marcus & Millichap’s Peter Von Der Ahe, Seth Glasser, Scott Edelstein and Rafi Moskowitz represented both the buyer and the seller in the deal.
Mr. Glasser said there are no current plans to change the building.
“[The owner] plans on operating it like a traditional rental building,” he said.