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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.

Click here for press release

Neighborhoods: Upper West Side