UWS rental sold for $47M ahead of the cliff

TRD New York /
Jan.January 08, 2013 09:00 AM

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.

The sale was co-brokered for the seller by Amit Doshi of Besen & Associates and Eastern Consolidated’s Alan P. Miller, Aliza Avital and Patricia M. Garcia. Avital and Garcia have since left Eastern Consolidated.

Doshi told the Post that the building was “widely marketed” and the winning bid was from a “local investor who understood the dynamics of the tenancy as well as the property’s upside potential.” [NYP, 2nd item]

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