Deal traded at a 4.5% cap
The Wrublin’s Dalan Management has acquired 2568-2574 Broadway from Arnold Gumowitz for $66 million. The Upper West Side rental spans approximately 57,300 square feet, and contains 67 apartments, plus three ground-floor retail units.
Why it matters: Sources close to the deal confirmed that the property traded at a projected 4.5% cap rate. With many vacant apartments, the metrics are subject to the rents Dalan will achieve.
Takeaway: This deal demonstrates the strength and vitality of the multi-family market in Manhattan. Although transactional volume is down, pricing has remained strong.