Meridian’s Amit Doshi and Shallini Mehra recently sold 5 W. 91st St., a 48-unit legacy asset on Manhattan’s Upper West Side. The elevator building was built in 1972 under the Mitchell-Lama Housing Program and transitioned to rent-stabilized in 2006.
5 W. 91st St. sold for $20 million. The property previously traded to notable landlords including Leslie Westreich, Lawrence Gluck of Stellar Management in 2006, Danny Fishman of Gaia Real Estate in 2010, and to the Park family in 2013.
“The family who bought this asset is a longstanding client with a long-term view. We know their strategy well and previously sold them 90% of their existing portfolio, which is mostly in the boroughs,” said Doshi. He and Mehra represented buyer and seller.
Mehra said, “The purchaser wanted 15-year fixed financing, which Meridian achieved with an agency lender, along with a 10-year interest-only period, significantly enhancing cash flow over that time.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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