Eastern Consolidated has just put three separate groups of apartments valued at a combined $18.5 million on the market at two Manhattan buildings and a co-op in Long Island, The Real Deal has learned.
The first group includes 19 rent-regulated units in a condominium at 110 West 86th Street for $6.9 million. The 79-unit pre-war building has sold nearly all of its empty apartments, and the remaining units are occupied with rent-stabilized and rent-controlled tenants, which would provide an investor with a steady income stream.
“Investors will come and buy this [as a] whole package,” said Eric Anton, executive managing director at Eastern, who is marketing the units with executive managing director Ron Solarz. “You’re buying them much cheaper than they would otherwise sell as a free-market unit.”
The second package includes 25 apartments in a co-op at 205-209 West 103rd Street, which is on the market for $7.6 million. The units include 17 free-market and eight rent-regulated units.
Deborah Gutoff, senior director at Eastern, who is leading the marketing team for this building and the Long Island property, said that the building has been operating mostly as a rental in recent years and noted that the majority of the tenants are students at Columbia University or young professionals.
The units produce $288,000 in net operating income and the free-market apartments all have leases expiring within the next 12 months. The six-story building has a total of 36 apartments, so the buyer would control most of the units at the property.
The third package is a group of 58 units at 20 Wendell Street, in Hempstead, L.I. for $3.95 million. The units are 80 percent market rate at the 239-unit complex called Cedar Valley Apartments, with half the units renovated within the past three years.
Gutoff said the units would be available to rent or sell.