The Real Deal New York

UWS rental building trades for $21M

Pre-war property, undergoing condo conversion, sells in just 12 days

December 27, 2012 01:00PM
By Hayley Kaplan

220 West 71st Street at center (credit: PropertyShark)

A pre-war apartment building at 220 West 71st Street, between Amsterdam and West End avenues, was sold by Weinreb Management to an LLC for $21.25 million, according to city records filed yesterday. The rental building had been on the market just 12 days, according to Streeteasy.com. The listing price was $23 million.

An LLC identified as Franpearl, located at 120 West 23rd Street, purchased the 38,463-square-foot building for $552 per square-foot, Streeteasy shows. Weinreb is identified in court papers as 220 West 71st LLC.

The Dec. 6 listing said that the building had begun converting units from rentals to condominiums on Oct. 12 of this year.

The apartment building is nine stories, and has a cellar and penthouse. It contains 37 residential and two professional units. Many of the units are rent-stabilized or rent-controlled. Rents collected as of July 23 totaled approximately $1 million annually. Residential rents in the building have ranged, in recent years, from $2,100 to $11,500 a month, Streeteasy shows.

The building was listed by Rachel Realty, which declined to comment. Weinreb did not immediately respond to a request for comment.

comment form

You must be logged in to post a comment.

MENU