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Fred Gould pays $22.5M for 153-159 East 96th Street

Property traded at a 2.5% cap rate

153-159 East 96th Street (Credit: CoStar)

Fred Gould has acquired 153-159 East 96th Street from the Wolfson + Zlotnick families for $25.5 million, according to TRD. The multi-family property spans 37,065 square feet, and contains 40 apartments. 

Worth Noting: The property allows for the development of an additional 57,769 square feet. With 50 percent of the units subject to rent stabilization, this is a long term hold with major upside in the future. 

Be Smart: Sources close to the deal confirmed that the property traded at a 2.5 cap. While there is some immediate upside in the free market rents, this is a long term hold. 

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