Two adjacent, mixed-use buildings at 450-452 Amsterdam Avenue, located between West 81st and West 82nd Streets on Manhattan's Upper West Side were sold in an all cash transaction valued at $8,100,000.
The two five-story buildings sit on a 50' x 87' lot and total approximately 18,500 square feet. The buildings contain four stores and sixteen apartments. All apartments are configured as floor-through railroads of which seven are Rent Controlled, six are Rent Stabilized, two are Free Market and one is Temporarily Exempt. The sale price equates to $437 per square foot and a 3.71% capitalization rate on the in-place income.
"Ownership of the buildings along the avenues in the Upper West Side is heavily consolidated amongst a handful of operators who rarely sell their assets. Case in point, 450-452 Amsterdam had been owned by the same family for multiple generations. Such tight supply coupled with low interest rates produced a tremendous amount of interest from neighborhood owners, foreign buyers, and fund-backed operators looking to a add a prime strip of Amsterdam retail to their portfolios," said Massey Knakal Director of Sales Hall Oster who exclusively handled this transaction with Senior Vice President of Sales Paul Smadbeck.
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Neighborhoods: Upper West Side