Pre-War Residential Building on The Upper West Side Fetches $47 Million
Besen & Associates and Eastern Consolidated Announce the Sale of 2410-2418 Broadway
New York, NY – January 9, 2013 – In anticipation of a hike in capital gains taxes next year, as well as other fiscal cliff concerns, another noteworthy transaction that raced to the finish line to close before the end of 2012 was the sale of 2410-2418 Broadway, aka 214-218 West 89th Street. The building was acquired by Manhattan-based real estate owners Albert and Robert Gilardian of the Gilar Group for $47 million. Aliza Avital and Patricia Garcia, with Eastern Consolidated Executive Managing Director Alan P. Miller and Besen & Associates Executive Director Amit Doshi co-brokered the sale of the 12-story, pre-war multifamily, strategically situated on the southeast corner of Broadway and West 89th Street. Together, the team represented the seller, M.E. & A. Realty Co. LLC, as well as procured the buyer. According to Mr. Doshi, “The Upper West Side has a very special caché, unlike any other neighborhood in New York. Given its plethora of pre-war buildings, wide boulevards, proximity to both Central and Riverside Parks, great schools, cultural institutions, and Broadway shopping corridor, acquiring 2410-2418 Broadway, which had been owned by the same family for over 70 years, represents an excellent long-term investment opportunity.” “Clearly, the building’s financial upside piqued investors’ interest and drove the sale, since 71% of its 46 units are rent regulated at rates well below market,” noted Ms. Avital. The property’s 5,000-square-foot street level retail component, stretching 100 linear feet on Broadway, is divided into six units and its most valuable corner retail space has already generated inquiries exceeding $250 per square foot. Built in 1915, the property consists of one, two, and three-bedroom apartments. It is located only three blocks north of the West 86th Street subway on Broadway serviced by the Number 2 line. Among the many cultural institutions in the nearby vicinity are Symphony Space, The Museum of Natural History and further to the south, Lincoln Center and the Time Warner Center. Attorneys in the transaction were: Burton Fine, Esq. of law offices of Burton Fine for the seller, and Alexander Seligson Esq. of Seligson Rothman & Rothman for the buyer.