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Mautner-Glick buys UWS rentals

Sellers Grey Seal has now disposed of all NYC assets

588-594 Amsterdam Avenue (Credit: Mautner-Glick)

Mautner-Glick has acquired 588-594 Amsterdam Avenue in the Upper West Side from Grey Seal for $33 million. The four contiguous mixed-use buildings span 44,419 square feet, and contain 71 apartments (most are rent stabilized), and five ground-floor retail units. The property also features 57,001 square feet of unused development rights.

Worth Noting: This deal is part of Mautner-Glick’s 1031 exchange from the sale of their Upper East Side assemblage on East 76th Street for $232 million.

Buy and hold… Grey Seal bought the property nearly 100 years ago. This is the last of the family’s 10 buildings recently sold in the city — the ROI is probably a sight to behold.

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