– Manhattan Investor Closes $158M Miltifamily Sale

April 12, 2006

A Manhattan investor, listed as the entity 240 East 27th Street LLC, purchased the 26-story elevatored apartment building on 463 Second Ave. in New York from Wards Construction Co. for $158 million, or about $486,154 per unit. Built in 1977, the 26-story, 348,386-square-foot building is bounded by East 26th and East 27th streets. The property contains approximately 325 units; 100 studios, 75 one-bedroom, 100 two-bedroom, 21 junior two-bedroom, 21 three-bedroom and six five-bedroom units, plus one penthouse and one store which is currently occupied by Duane Reade Pharmacy. The building also has a 130-space car garage. The current net operating income of the building is $5.35 million. The new owner plans to convert the building into 40 rent stabilized and 285 free-market condominium units.

Rama Bassalali of RMB Properties was the sole broker.$158M-Multifamily-Sale/77141

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