Printer Friendly

Dermot Company snaps up another two apartment buildings.

Amit Doshi, exclusive broker, and Ron Cohen of Besen & Associates have sold 222 Seaman Avenue and 29-45 Sickles Street in the Inwood section of Manhattan for Millbrook Properties.

The properties are both five-story walkup apartment buildings containing a total of 135 units. The properties sold together for $15,650,000, which represents a 10.7 gross rent multiplier, 5% capitalization rate and $150 per square foot. The price per unit amounts to $115,926. 222 Seaman Avenue, on the corner of West 214th Street, is built 88' x 115' on an irregular lot. The property was constructed in 1926, with 40 apartments and approximately 32,600 square feet. More than half the units are two bedrooms or larger, generously sized at under-market rents. Average rent per unit amounts to $1,118 per month.

29-45 Sickles Street, between Nagle and Sherman Avenues, is 1920 construction, built 213' x 90'. The property contains 95 apartments and 71,475 s/f. The average rent per unit amounts to $810 per month, also leaving the purchaser with measurable upside potential.

The properties sold after a brief marketing period to The Dermot Company, procured by Ron Cohen. "This properties are a good addition to the portfolio that Dermot is building in the area," said Cohen.

"While the properties were well-managed by Millbrook, the purchaser recognized tremendous upside potential, justifying the purchase price."

Doshi added, "The Northern Manhattan market continues to attract intense investor demand, from both the entrenched players and newer institutional money."

The seller was represented by David Meyrowitz of Simon Meyrowitz & Meyrowitz, P.C. Stephen O'Connell and Daniel Lebensohn of Hartman & Craven LLP repped the buyer.
COPYRIGHT 2006 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Real Estate Weekly
Date:Dec 27, 2006
Previous Article:Two 14-year-olds destined to make it in New York.
Next Article:$23m Manorville sale.

Related Articles
GCP Capital Group LLC.
GCP Capital Group LLC.
GCP Capital Group LLC.
Topping off celebrated at 475 Ninth Avenue. (Transcripts).
Finance real estate.
AFL-CIO fund to invest $1B in apartment development.
GCP Capital Group LLC.
Trust closes on $342m deal for the Gershwin.
The Dermot Company and Bovis Lend Lease LMB Inc. this week held a topping out for their development in Clinton, a mixed-use project with two 24-story...

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters