Capin closes $277m residential portfolio.
"The portfolio includes a premier eleven story rental building at 814-816 Madison Avenue, at 68th Street, with 43 apartments ranging in size from 2,000 to 7,000 s/f and one professional suite. The building also features more than 10,000 s/f of retail space in a neighborhood that is known for up-market shopping destinations such as Georgio Armani, Ralph Lauren and Calvin Klein," according to Sternhell.
He says that the other properties are also "highly attractive acquisitions," a 13 story building located at 103-109 East 86th Street and a nine story building at 115-119 East 82nd Street with a total of 86 apartments and four professional suites.
Sternhell, speaking for his partners, points out that "rental properties are rare in this part of town and that all three buildings offer the purchaser huge upside potential in apartment and store rents. Thus, the transaction was one of the most coveted deals of the year in the real estate community and we were fortunate enough to have a quick-thinking, quick-acting buyer on hand ready to close the deal before the assets were released into the market."
The $277.5 million sale price represents a per unit price of $1,927,083.00 and a psf price of $1,108.03.
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|Publication:||Real Estate Weekly|
|Date:||Aug 27, 2008|
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