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Four-Building Apt. Portfolio Sold for $11.85M

Arch Brokerage Ltd. Represents Undisclosed Buyer
October 1, 2004
An undisclosed New York City private real estate investor purchased a four-building apartment portfolio in upper Manhattan for $11.85 million, or $78,476 per unit. The seller, The Shfitan/Sklarew Trust, sold the package at a 99% occupancy rate, according to Arch Brokerage Ltd., which handled the investment sale.

This sale is the first involving these New York City properties in more than 40 years and consisted of 151 rent stabilized units of approximately $600-$650 per month, and one retail space. The buildings included 666 West 162nd Street, a 50-unit elevatored apartment building with three to six-room floor plans. In addition, 87 Ellwood Street, a 51-unit walk up structure built in 1929 was sold, along with 53-55 and 57-59 Vermilyea Avenue, two contiguous buildings encompassing 50 units and one retail grocery store.

Laurence Roberts, senior managing director of Arch Brokerage Ltd., an affiliate of Washington Square Partners, secured and represented both the buyer and the seller in this transaction.
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