The 60-68 West 107th St. portfolio has changed hands for nearly $52 million.
NEW YORK CITY—A multifamily portfolio that includes four contiguous, six-story elevator buildings on 107th Street on the Upper West Side has traded for approximately $52 million.
New York City-based real estate investment firm FBE Limited has acquired 60-68 West 107th St. for $51.9 million, according to brokerage firm Eastern Consolidated, which represented the buyer and procured the seller in the transaction.
The four buildings, located between Columbus and Manhattan avenues, total more than 100,000 square feet and include 100 apartments, of which 25 are two-bedroom units and 75 are three-bedroom units.
Eastern Consolidated senior director and principal Matt Sparks represented the seller, Suehar Associates, which owned the buildings for more than 60 years. Eastern Consolidated’s executive managing director and principal Ron Solarz procured the buyer.
Sparks notes that the buildings have been under stable ownership and are in an area where rent growth continually outperforms other markets.
“The buyer was attracted to this package because the buildings offer tremendous future upside, in part because they are located in a great neighborhood just a few blocks from Central Park and Morningside Park and near four subway lines,” Sparks adds.
FBE is headed by Adam Fruchthandler. The firm and partners Belvedere Capital, Jamestown Properties, Angelo Gordon and Cammeby’s International are undertaking a multi-billion dollar redevelopment redeveloping of the Industry City in Brooklyn.