Anthony Gazivoda has acquired 118 East 93rd Street from Crest Realties for $27.3 million. The multi-family property spans 45,000 square feet, and sold for 16.2 times the rent roll at a cap rate of 4.1 percent.
- Acquisition financing: The buyer secured a $16.5 million loan from a regional bank to close the deal. Jacob Schmuckler of Meridian Capital Group arranged the financing.
- Political Impact: The seller originally planned to convert the 38-unit rental into a luxury condo building, but the Tenant Protection Act halted those plans. Previously, a landlord could convert a building from rental to a condo if they sold 15 percent of the units to tenants who plan to use it as their primary residence. The new law raised the amount to 51 percent, CO noted.
- Flashback: Crest paid $39 million to Anthony’s uncle, Lazar Gazivoda, for the property in 2016. Nine of the 17 free-market units have already been gut renovated.
- Brokers: Meridian’s Amit Doshi and Jonathan Shainberg represented Gazivoda in the deal, while Cushman & Wakefield’s Robert Shapiro represented Crest Realty.