UWS bed and breakfast trades to Long Island developer after bidding war
A 7,380-square-foot residential building dating back to the 1880s has traded for the first time in more than 50 years to a Long Island-based developer for $8.6 million, according to the broker on the deal.
The building, at 36 Riverside Drive, sold for $100,000 over its asking price after a bidding war, according to Eastern Consolidated Senior Director Adelaide Polsinelli, who represented the seller, a family partnership, in the closed deal. The building features eight residential units and views of the Hudson River.
There were no other brokers involved in the transaction.
“This building was on the market for less than a month – that’s how fast great properties are changing hands in this neighborhood,” Polsinelli said, noting that the Upper West Side is one of Manhattan’s “safe havens” for investment capital this year.
Sales of multi-family properties on the Upper West Side increased by 300 percent year-over-year in 2012, according to a recent report prepared by Eastern Consolidated’s chief economist Barbara Byrne Denham.
The property, which previously served as a bed and breakfast, was one of the earliest row houses to Be Constructed On Riverside Drive. Its new owner is exploring redevelopment opportunities and may convert the property into a single-family home or for institutional use, Polsinelli said. – Katherine Clarke