A rental property at 498 West End Avenue has traded hands for $52.5 million. Rob Anzalone, chairman of Fenwick Keats, which represented the seller and brought in the buyer, said the price paid marks a record for a rental building with fewer than 50 units along the avenue.
The 100-year-old limestone and brick property was not officially listed, but interested parties began seeing about six months ago, and by July, the contract had been signed (note: correction appended). The purchaser is Samson Management, a Queens real estate holdings company that recently purchased a 12-story office property on West 29th Street for $54 million. There is no word yet on Samson’s plans for the property — whether the company will keep it as a rental or convert it into condominiums.
“Based on what they paid for it, I wouldn’t be surprised if they did,” said Anzalone of a condo conversion. In a company press release on the sale, Anzalone said “the trend of converting rental buildings of this type into co-ops or condos made this property exceptionally attractive to [prospective] buyers.”
Samson did not immediately respond to a request for comment.
Fenwick Keats’ Jeff Wolk helped broker the deal and Mike Sieger, also of Fenwick Keats, brought in the buyer. The building was formerly owned by 498 West End Ave Rlty.
Located at 84th Street, the building stands 12 stories tall. Anzalone said there are 47 units inside. The building has a mix of one- to three-bedroom units. Streeteasy shows a two-bedroom unit there recently rented for $5,500.