Cushman & Wakefield Retained to Sell Two Multifamily Buildings in New York City
- Feb 23, 2015
Two multifamily properties in New York City are now looking for new owners, and Cushman & Wakefield announced it was selected on an exclusive basis to sell the assets. The two buildings are expected to sell for a combined total of $27.55 million.
An eight-story elevator building, 99 Suffolk Street is located on the west side of Suffolk—between Delancey and Rivington Streets on Manhattan’s Lower East Side. The building is currently owned by an entity called 99 Suffolk Management and, according to real estate website PropertyShark, was completed in 2001. Reportedly, the asset was last sold in August 2005 for $14 million. The 29,600-square-foot building has 40 units. According to Cushman & Wakefield, 35 units are offered in a combination of three studios, 30 one-bedroom units and 2 two-bedroom units and are temporarily rent stabilized due to a 421-A tax abatement. The rest of the units are ground floor community facilities which are leased to the Lower East Side Montessori School. The building is being marketed for an asking price of $26 million, Cushman & Wakefield announced.
The second asset that’s on the market is a multifamily building located at 976 Anderson Avenue between West 162nd and West 164th Streets, in the Highbridge section of the Bronx. According to Cushman & Wakefield, the asset is expected to attract investors looking for a turn-key opportunity thanks to the property’s location just two blocks from Yankee Stadium and in a thriving section of the South Bronx. The five-story, 12,160-square-foot building is being sold for $1.55 million or a 6.71 percent cap rate.
The building is currently owned by an entity identified by PropertyShark as MDBS Inc. and managed by Hudson View Associates. 976 Anderson was built in 1909 and includes 9 oversized units, all of which are three-bedroom, one-bathroom apartments.
Images via PropertyShark