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UWS MF Property Sold for $6M
A five-story multi-housing property in Upper West Side has been sold for $6.175 million. Located at 216 West 78th St between Broadway and Amsterdam Avenue, the property has 17 rent-stabilized apartments and eight free-market units, featuring a mix of studios, one-bedroom, and two-bedroom layouts.
Acting on behalf of the seller, a family owner, JLL orchestrated the transaction to a local partnership with a team led by Paul Smadbeck and Hall Oster, along with Teddy Galligan and Conrad Martin, and Braedon Gait. “Despite 68% of the units being rent-stabilized at the time of sale, many were already at or near market rates, making it an appealing long-term asset for a local buyer,” said Smadbeck.
“While 216 West 78th Street was 68% rent stabilized at the time of sale, a majority of the units were at or close to market rate,” said Smadbeck. “This, together with the outstanding location, represented a perfect long-term hold for a local purchaser.”
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- ◦Sale/Acquisition
