A multi-housing property in the desirable Upper West Side neighborhood has recently sold for $6.175 million. The five-story building, located at 216 West 78th St between Broadway and Amsterdam Avenue, boasts a total of 25 units -17 rent-stabilized apartments and eight free-market units- with a mix of studio, one-bedroom, and two-bedroom layouts.
The sale was facilitated by JLL on behalf of the family owner to a local partnership led by Paul Smadbeck and Hall Oster along with Teddy Galligan, Conrad Martin, and Braedon Gait. According to Smadbeck: “Despite the majority (68%) of units being rent-stabilized at the time of sale, many were already rented out at or near market rates which made it an attractive long-term investment opportunity for our buyer.”
Smadbeck further added that “the prime location coupled with most units already achieving market rates made this property an ideal long-term hold for our local purchaser.” This recent transaction marks another successful deal in New York’s competitive real estate market without any involvement from Connect CRE or its affiliates.
