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Long-Term Owner Divests Gramercy Apartments After 35-Year Hold
Michael Ferrara and Alan Stenson of New York City-based investment sales brokerage firm Brax Realty completed the sale of 305 E. 21st St. in Gramercy for $8,000,000. The purchase price equated to a price per square foot of $374 and a price per unit of $216,000.
The 50’ wide, 21,356-square-foot apartment building is located between First and Second avenues and has a total of 37 units. Ferrara and Stenson represented the seller, a long-term owner, and also procured the purchaser, a private investor.
This was the first time the property traded hands in more than 35 years. The building was sold with six of the 37 units delivered vacant.
- ◦Sale/Acquisition
