Nine-Story Upper West Side Rental Trades for $23.5M
Liam La Guerre Jan. 20, 2017, 6:03 p.m.
Vincent Young, a real estate investor who focuses on multifamily assets in Manhattan and Queens, purchased a 36-unit rental building at 315 West 102nd Street for $23.5 million, a source with knowledge of the deal told Commercial Observer.
The 36,252-square-foot Upper West Side building between West End Avenue and Riverside Drive is comprised of 18 free-market units, 16 of which are rent-stabilized and two of which are rent-controlled.
The seller was West End Manor, which is managed by Herbert Owens, according to city records. There are 18 one- and 18 two-bedroom units in the building and a super’s unit in the basement. Average rents in the properties are $2,687 per month, according to StreetEasy.
“315 West 102nd Street had everything going for it: prime location, great unit sizes and ceiling heights, superior light and air [and] both immediate and long-term upside,” Cushman & Wakefield’s Paul Smadbeck, who represented the both parties in the deal, said in a statement. “There was literally nothing not to like about this property.”
Smadbeck worked on the transaction with colleagues Hall Oster, Teddy Galligan, Rob Stufano and Bryan Smadbeck.