October 24, 2004
A long-term property owner has sold a Greenwich Village portfolio for $55,500,000. The owners were not motivated to sell but finally gave in at a very high 14 times gross rents, working out to a return on investment of 4 1/2 percent. Rama Bassalali of RMB Properties acted as sole broker. The buyers, a New Rochelle family with an extensive portfolio, plan to hold and not convert the properties.
Link: NY Post: Oct. 24, 2004 Commercial RE Section