In the rush to beat the fiscal cliff, a 12-story Upper West Side apartment building at 2410-2418 Broadway at West 89th Street traded for $47 million just before the new year, the New York Post reported. The buyer was real estate investor Robert Gilardian and the seller was a partnership dubbed M.E. & A. Realty. The 46-unit building – 61 percent of which are rent-regulated — had been owned by the same partnership for 70 years, which included 14 members at the time of the sale. The building includes 5,000 square feet of retail space mostly on the Broadway side…. [more]
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Manhattan-based real estate owner Robert Gilardian won a 16-story Upper West Side apartment building tied up in an epic decade-long dispute, with a $20.1 million bid made in a bankruptcy auction in Los Angeles yesterday afternoon.
Gilardian offered the highest price for 114 West 86th Street, beating out three other approved bidders who participated in the live auction in U.S. Bankruptcy Court in Los Angeles, said Lipa Lieberman, a director at Eastern Consolidated, who was present at the sale.
The property sold for a gross rent multiple of about 20, and a price per square foot of about $400, Lieberman said. He said interest had been high since the news broke of the auction on The Real Deal website.