Invictus Property Advisors is pleased to announce the sale of a three (3) building portfolio located on the Upper West Side of Manhattan. The assets consisted of multifamily buildings with a total of thirty-two (32) units and approximately 18,740 SF. Of the 32 units, 18 were free market and 14 were rent stabilized. The buildings traded during the COVID-19 pandemic and the rents were supressed due to the concessions that were offered, representing significant upside upon lease renewal and tenant turnover.
The assets were located on West 87th Street and West 91st Street and have signficant historic details; all of the assets were located in historic districs and are landmarked. The purchase price of $8,050,000 represents a 4.75% cap rate, 11.3x GRM, $429/SF, and $251,562/Unit. Our team represented both sides of the transaction in a swift closing that took place before year's end.