Four contiguous walk-up apartment buildings at 176, 178, 180 and 182 West 82nd Street was sold last month by Melco Associates of which Philip Meltzer is a partner for $12,282,000, or about $416.67 a square foot, to West 82nd Street Holdings LLC, of which Steven Byers is a manager.
The four buildings, which are between Amsterdam and Columbus Avenue and fall within the Upper West Side Historic District, contain a total of 20 apartments, of which three are rent-controlled and the remainder market-rate.
The five-story, red-brick buildings have arched windows on the first floor and fire-escapes.
According to Meyrick Ferguson of Massey Knakal Realty Services, who represented the seller, the four buildings contain 28,800 square feet of space and have an additional 28,380 square feet of air rights, and each building has a vacant basement. He said that "the end buyer intends to convert the properties into condominiums, given the prime location."
The sale had a capitalization rate of 5.21 percent and a gross rent multiple of 15.52. Lily Yanhua Li of the Corcoran Group was also a broker in the transaction.
The four buildings, which are between Amsterdam and Columbus Avenue and fall within the Upper West Side Historic District, contain a total of 20 apartments, of which three are rent-controlled and the remainder market-rate.
The five-story, red-brick buildings have arched windows on the first floor and fire-escapes.
According to Meyrick Ferguson of Massey Knakal Realty Services, who represented the seller, the four buildings contain 28,800 square feet of space and have an additional 28,380 square feet of air rights, and each building has a vacant basement. He said that "the end buyer intends to convert the properties into condominiums, given the prime location."
The sale had a capitalization rate of 5.21 percent and a gross rent multiple of 15.52. Lily Yanhua Li of the Corcoran Group was also a broker in the transaction.
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Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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