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698 West End Avenue sold.

Eastern Consolidated Properties, Inc. announces the recently concluded sale of 698 West End Avenue, a classic pre-war elevator apartment building at the southeast corner of 94th Street.

The purchase of this 15-story, 90-unit building represented an unusually attractive investment opportunity in that it is one of the few large prime apartment buildings that escaped the conversion boom of the 1980's. 698 West End Avenue had been owned by a single family trust for almost twenty years. James Development, a New York City-based owner/development firm, purchased the property in an all cash transaction that took over a year to complete. The new ownership plans to operate the property as a rental building.

Deborah L. Gutoff, a senior vice president with Eastern Consolidated, represented, as the broker, both the purchaser and the seller in the sale. Belinda Schwartz, Esq., a partner in the real estate department of Wien, Malkin & Bettex, represented the purchaser. Myron Cohen, of Dornbush, Mensch, Mandelstam & Schaeffer, represented the seller. A new first mortgage has been placed on the building with a New York City-based savings bank.
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Title Annotation:apartment building in New York, New York
Publication:Real Estate Weekly
Date:Jul 14, 1993
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