Central Park West rental building hits market, expected to fetch $90M-plus

TRD New York /
Feb.February 29, 2012 02:00 PM

CBRE Group has been tapped to market a 140-unit Central Park West rental building, Crain’s reported.

Fresh off announcing the sale of 33 Maiden Lane, executive vice chairmen Darcy Stacom and William Shanahan, along with executive vice president Paul Liebowitz, are putting the 15-story building, at 21 West 86th Street, up for sale.

The property is the only Manhattan building owned by Mitchell Cohen, who acquired it in 1994, public records show. CBRE will accept bids through the third week in March and will select a buyer in April.

Crain’s said the building rents its ground floor to a medical office and rehabilitation center and about one-fifth of the units above those facilities are rent-regulated. Stacom said the building could net more than $90 million and has the potential for a condominium conversion. [Crain’s]

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