RCA in the commercial property press:

Tantalizing New York Apartment Property Offered - Condo Converters Lining Up

Crain's New York Business reports: During a period when viable apartment offerings are scant, the latest multifamily property to hit the market in Manhattan is a real gem that is likely to draw a flood of bids, according to a recent article on Crain’s New York Business. The 11-floor pre-war apartment building located steps from Central Park at 1 East 68th Street and Madison Avenue on the Upper East Side contains 44 units and 10,000 square feet of prime retail space. The property, once sold, is also ripe for a profitable condo conversion.

Of this recent offering, Real Capital Analytics Managing Director Dan Fasulo told Crain’s that, “There is a limited amount of properties on the market in general so investor interest should be through the roof for something like this.” He did remind readers, however, that deals of this nature have a history in New York of being foiled by rent-controlled apartments within the property. The one for-sure element of the sale seems to be the retail portion, which real estate experts foresee selling for between $30-60 million.

Articles related to this topic:

 Retail REITs Strategically Shopping Assets to Solicitous Market
 Investors Still Cautious on Consumer-Dependent Retail Sector
 Macklowe Pays $2.1M Per-Unit for Manhattan Condo Conversion Opportunity
 Apartment Sector Strength Reflects Macroeconomic Trends
 Suburban Office Prices Still Waiting for a Rebound

Posted by: Nina Turner

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