The Real Deal New York

UWS residential property sells for 40% off

March 16, 2009 12:38PM
By Adam Pincus

A bucolic parcel in the Lincoln Square area including two semi-attached townhouses sold for $6.75 million plus the assumption of debt, or about 40 percent off its advertised asking price listed two months ago.

Arthur Minerof’s FranPearl Equities bought the property at 12-14 West 68th Street near Central Park West from Danica Realty on March 12, after going into contract three days earlier, according to property records published today. The purchase included $3.875 million in assumed debt for a total purchase price of $10.625 million, according to the property records. The property was listed in January for $18 million by Massey Knakal Realty Services.

The townhouses, which fall within the Upper West Side-Central Park West Historic District, have a total of 19 apartments, two of which are rent-stabilized. One of the buildings was constructed in about 1875, and the other was built in 1922.

Aaron Jungreis, a broker and president of investment sales company Rosewood Realty Group, who was not familiar with the sale, said the price drop is larger than the typical investment sales cuts he has been seeing.

“That is pretty amazing. I have seen price cuts more in the 10 to 30 percent range,” he said, adding that he expects prices for residential real estate property to drop another 10 to 20 percent over the year.

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