Property traded at a 2.7% cap rate
Akelius Real Estate Management has acquired 336 West 95th Street from the Greenspan family for $30 million. The rental property spans 41,000 square feet, and contains 44 apartments, according to TRD.
Be Smart: Sources close to the deal confirmed to the Daily Beat that the property traded at an existing 2.7 cap and a GRM of 22.5. At $731 per foot and $681,818 per unit, this deal is reflective of the vibrant multi-family market.
Worth Noting: 15 of the 44 units are rent regulated. With considerable upside in the free market apartments, Akelius hopes to stabilize the asset at around a 4.4 cap.