The Real Deal New York

UES apartment building sells for $150M

July 09, 2008 12:02PM
By Adam Pincus

 
A New Jersey company sold a 230-unit Upper East Side apartment building for $150.35 million, $25 million less than the asking price reported in January.

P&H Associates sold the 200,000-square foot building at 200 East 82nd Street, known as the Wimbledon Apartments, to an entity affiliated with the real estate development company Adellco, according to city property records posted today.

The sales price put the cost at about $750 per square foot for the 28-year-old building.

Rents in the building average $3,000 per month, leaving upside potential for the buyers. Residents said they expected the building to remain a rental.

The sale went into contract May 2 and closed June 25.

Adellco and P&H Associates did not immediately respond to requests for comment.

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