Crest buys Carnegie Hill rental for $39M

Montreal-based investor plans to up average rents to as much as $7K a month

TRD New York /
Jul.July 22, 2016 07:30 AM

Crest Realties picked up a nine-story Carnegie Hill rental building for $39 million, or roughly $870 per square foot, the Montreal-based multifamily investment firm told The Real Deal.

The 43,000-square-foot elevator building at 118 East 93rd Street contains 38 apartments, the majority of them market-rate. Lazar Gazivoda, a private investor, has owned it for more than 40 years, property records show.

Crest, led by Bruno Caruso and Aaron Drazin, plans to increase the average rents at the building from $3,000 per month to $6,500 or $7,000 per month as units become vacant. Currently, all but five apartments are occupied.

“We want to upgrade it to a luxury, high-end rental,” Caruso said.

The property, located between Park and Lexington avenues, is part of the expanded Carnegie Hill Historic District.

Marcus & Millichap’s TRData LogoTINY Peter Von Der Ahe, Joseph Koicim, David Lloyd and Danny Handweiler represented both sides in the deal, which closed Thursday.

Crest has been largely in selling mode for the past year, having sold a Carroll Gardens condo-to-rental conversion for $21.1 million and a four-building Washington Heights portfolio for $31.2 million.

Related Articles

441 Ocean Avenue and 1745 Caton Avenue in Brooklyn (Credit: Google Maps)

Meridian Properties buys pair of
rent-stabilized buildings for $35M

Institutional buyer bags North Jersey apartment complex for $59M

Upper Manhattan, Bronx multifamily portfolio trades for $60M

Former broker alleging sexual harassment had a restraining order against her

Marcus & Millichap branch exec hit with sexual harassment suit

Chestnut Holdings buys Bronx-centric 19-building retail portfolio

HAP Investments buys Tribeca site for its next condo project

PHOTOS: Inside Marcus & Millichap’s 2017 holiday brokerfest