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Prewar Upper West Side Elevator Building Trades in 1031 Exchange
Meridian’s David Schechtman, Shallini Mehra, Amit Doshi and Abie Kassin recently closed on the sale of 227 Riverside Dr., a 40-unit corner elevator building on Manhattan’s Upper West Side. It sold for $17.1 million.
Meridian Investment Sales represented both seller River Arms Realty Associates LLC and the purchaser.
“Prewar buildings of this caliber do not come to market often,” said Mehra. “The purchaser acquired 227 Riverside as part of a 1031 exchange with a long-term investment horizon.”
Schechtman added, “Builders are just not producing pre-war gems like 227 Riverside Dr., which the buyer equally recognized despite the low initial cap rate.”
The property was under the same ownership for 67 years. Doshi said, “53% of the units are older, free-market units, providing the purchaser with a value-add investment strategy and rental upside.”
Meridian EVP Aaron Birnbaum and senior managing director Carol Shelby secured attractive acquisition financing from a local bank.
- ◦Sale/Acquisition
