Deal traded at around a 3% cap rate
An unnamed buyer has acquired 410 West End Avenue from the Abramson Family for $18.3 million. The multi-family property spans 20,272 square feet and contains 42 apartments (28 one-bedrooms and 14 studios). Only 10 of the units are free market.
Worth Noting: While the elevator property features 25,415 square feet of unused development rights, any extension will be subject to landmarks approval.
Be Smart: Sources close to the deal confirmed the property traded at slightly under a 3 cap. At $903 per foot and $434,714 per unit, this deal proves once again that the multi-family market is strong.