The Olnick Organization has acquired 201 West 77th Street from the family of the late Charles Goldner for $106.4 million, TRD first reported. The multi-family property spans 131,746 SF, and contains 125 apartments (20 are rent regulated).
- Dig Deeper: The 16-story elevator building is located at the corner of Amsterdam Avenue, and also features 5,100 SF of retail space. Olnick is planning on renovating the free-market units, and continuing the family tradition of holding long-term.
- Be Smart: The new rent laws passed in June have increased the demand for free market buildings as rent at units subject to rent regulation will essentially remain stagnant for years. Investors believe this environment lead to sharper increases in market-rate units.