A five-story multi-housing property in Upper West Side has been sold for $6.175 million. Located at 216 West 78th St between Broadway and Amsterdam Avenue, the property has 17 rent-stabilized apartments and eight free-market units, featuring a mix of studios, one-bedroom, and two-bedroom layouts.
Acting on behalf of the seller, a family owner, JLL orchestrated the transaction to a local partnership with a team led by Paul Smadbeck and Hall Oster, along with Teddy Galligan and Conrad Martin, and Braedon Gait. “Despite 68% of the units being rent-stabilized at the time of sale, many were already at or near market rates, making it an appealing long-term asset for a local buyer,” said Smadbeck.
“While 216 West 78th Street was 68% rent stabilized at the time of sale, a majority of the units were at or close to market rate,” said Smadbeck. “This, together with the outstanding location, represented a perfect long-term hold for a local purchaser.”
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Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.