Shaya Boymelgreen’s New York-based Boymelgreen Developers has sold the 172-unit Hudson Park apartment complex on Manhattan’s Upper West Side for $75 million, or about $436,000 per unit.
The buyer, residential property owner and manager The Pinnacle Group, plans to upgrade the 15-story property, which was constructed in 2001. It overlooks the Hudson River at 323 W. 96th St. and is near a 181-unit complex on W. 70th St. recently purchase by RREEF for more than $514,000 per unit.
(Source: Costar Realty Group)
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5 Responses
Hhmmmm, not bad, looks like Reb Shaya is gonna have a Shana Tova Umsooka!
Who is shaya?
Why did Shaya get so much less per unit ($78,000)than the sale comp on West 70th Street? Is it because the asset quality is not the same, or is it the credit crunch forcing cap rates up?
GFI Brokered this deal.
Why is this news? P.s seriously what about ayin hora?