Avison Young represents both seller and buyer in sale of renowned “Canterbury”rental property located at 204 West 108th Street
Avison Young’s Tri-State Investment Sales Division team is announcing it has arranged the $32.5 million sale of The Canterbury, a renowned 42,186-square-foot, 48-unit rental building located at 204 West 108th Street in the heart of Manhattan’s Upper West Side. With the decline in the investment sales market, this deal represents one of the larger single property trades that Upper Manhattan has seen in recent times.
Sam Schertz, Associate Director, of Avison Young, specializes in mixed-use and multifamily sales,was the sole broker in the transaction between the seller The Orbach Group, and the buyer, Arkar Inc.
“The Upper West Side is one of the hottest residential markets in Manhattan and the pre-war Canterbury building is one of the most recognized and charming properties in the entire area,” said Schertz. “The property’s location, excellent condition and strong cash flow made this an attractive investment and it’s rare that an asset as appealing as the Canterbury becomes available. Avison Young was pleased to be able to strike a deal that was beneficial for both sides.”
Originally built in 1915, the six-story 204 West 108th StreetCanterbury building is a low-rise elevator-served rental property featuring two to five-bedroom units as well as a courtyard, laundry room and storage facility. The property is situated near Columbia University and both Riverside Park and Central Park as well as several major transportation lines. Many of the units in the building have been recently renovated.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
