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.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).