Cushman & Wakefield announced today that the firm has arranged the sale of 410 West End Avenue, a seven-story, elevator, Beaux-Arts-style apartment building located withinthe Riverside West End Historic District in Manhattan’s Upper West Side. The final closing price was $18.3 million.
“410 West End Avenue offered investors a fantastic opportunity to take advantage of a strong, historic location and an immediate upside,”saidHall Oster of Cushman & Wakefield. “The property had been owned by the same partnership for multiple generations and is poised for more active management.”
The 42-foot-wide, 20,272-square-foot building consists of 42 apartments of which 10 are free market, three are rent controlled, 24 are rent stabilized, four are vacant and one is occupied by a part time super. The units are currently configured into 28 one-bedrooms and 14 studios with an opportunity to combine a number of apartments into two and three-bedrooms, which are locally undersupplied and remain in high demand. The property also possesses approximately 25,415 square feet of excess air-rights and lies within the Riverside-West End Historic District Extension I.
Located on the east side of West End Avenue between West 79th and West 80th Streets, the property offers nearby access to the 79th Street subway stop. In addition, the property is located nearby an abundance of retail shopping and dining options, and is within proximity to attractions including the American Museum of Natural History and the Children's Museum of Manhattan.
Cushman & Wakefield Senior Managing Director Hall Oster, Director Mitchell Levine and Associate Director Teddy Galligan represented the seller in this transaction.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
