New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Meridian’s Team Doshi Closes Yorkville MF Sale
Meridian Investment Sales’ Team Doshi contract-closed on a 39-unit elevator building located half a block from Gracie Mansion in the Upper East Side’s Yorkville neighborhood. The mostly stabilized apartment property sold for $11.4 million, a price equating to just under $530 per square foot or $290,000 per unit.
A team of Amit Doshi, Shallini Mehra and Jonathan Shainberg represented both parties in the fee-simple sales transaction. “After changes in June 2019 to New York’s rent laws, the purchaser of the S Corp shares decided that it best fit their investment strategy to exit the deal prior to closing,” said Doshi. “The fee-simple purchaser saw this as an opportunity to acquire a prime New York City elevator building using funds from an out-of-town exchange.”
525 E. 88th was built in 1910 and was extensively renovated in the 1980s. It’s approximately 75% rent stabilized and 25% free market.
Pictured: Amit Doshi.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
