Fine Times pays $29M for UWS rental

Property at 110 West 69th Street contains 36 apartments, 27 of which are free-market or vacant

TRD New York /
Nov.November 03, 2017 04:00 PM

Ari Sklar’s Fine Times Inc. has purchased a 36-unit residential building on the Upper West Side for $28.9 million, according to sources on the deal.

The building at 110 West 69th Street stands nine stories tall and spans 30,159 square feet, and 27 of its 36 apartments are free-market or vacant, opening the door for them to be converted to condos or luxury rentals. Out of the 36, 34 are designed as large one-bedrooms, and two on the ground floor are duplexes with private outdoor garden space.

A team from Cushman & Wakefield led by Paul Smadbeck and Hall Oster brokered the deal. They declined to comment on the buyer.

“The property ended up selling for a considerable premium over what a garden variety building of this nature would be worth on paper,” Smadbeck said, “just because of what it was and where it was.”

Sklar did not respond to a request for comment.

Fine Times, which owns more than two dozen properties in Brooklyn Heights and on the Upper West Side, had purchased an 11-unit residential building nearby at 12 West 76th Street for $10.9 million last summer.

Isaac Kassirer recently went into contract to buy three multifamily buildings on West 107th Street for just under $100 million, and Extell Development closed on the $80 million purchase of 262 West 96th Street earlier this fall, where he plans to build condos.

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