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$803K-per-Unit for Upper West Side Apartments

An Upper West Side investor paid $28.9 million for 36 apartments on Manhattan’s Upper West Side. That works out to a high price of $803,000-per-unit.

“The offering attracted substantial interest, which resulted in the property trading for a considerable premium…110 W. 69th St. is a genuine boutique trophy,” said Paul Smadbeck, managing director for Cushman & Wakefield, who with Hall Oster, Teddy Galligan, Conrad Martin and Bryan Smadbeck represented both the buyer and the seller, a private family owner.

Of the 36 apartments, 27 are either vacant or not restricted by New York’s rent stabilization laws. That’s enough to allow the new owner to convert the building to luxury rental apartments or condominiums. Two of the ground-floor apartments have been renovated and duplexed to the basement with private outdoor garden space. The other 34 are large one-bedrooms, each with a main entrance and a service entrance.

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