The Real Deal New York

Chatsworth hits market seeking $150M

August 14, 2012 08:30AM

Eastern's David Schechtman and the Chatsworth (credit: PropertyShark)

The longtime owners of the Chatsworth, an Upper West Side rental building that dates back to the late 1800s, have put the property on the market. The Wall Street Journal reported the sale could net the grandchildren of Lenore Dean, whose family has owned the building for 67 years, more than $150 million.

The 139-unit apartment building, at 344 West 72nd Street on the corner of Riverside Drive, is about 50 percent rent-stabilized. One-bedrooms rent for an average of approximately $1,600 per month, $1,000 less than the Upper West Side average for such units. The building has been renovated several times of late, including a recent $1.2 million upgrade to the facade.

The property is being marketed by Eastern Consolidated’s David Schechtman, Peter Hauspurg and Lipa Lieberman. Schechtman told the Journal that the decision to sell was not made out of financial distress. “They’ve had hundreds of unsolicited offers over the years,” he said.

Streeteasy.com shows two active listings in the building; a 2,200-square-foot three-bedroom unit asking $11,000 per month and a two-bedroom apartment listed for $4,200 per month. [WSJ]

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