Property traded at a 2.5% cap rate
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.