MANHATTAN, NY | A five-building rental portfolio known as the Fort Riverside portfolio closed for $101.5 million or about $300 per s/f. The six-story elevator buildings spread out along Fort Washington Ave. and Riverside Dr., contain 289 apartments and spans 341,148 s/f. The addresses are 66-72, 80 and 86 Fort Washington Ave. and 838 and 884 Riverside Dr.
The package also includes a combined 199,000 s/f of air rights. Of the 289 apartments, 104 are renovated. Also, 62% of the apartments are rent regulated and rent for about 50% of the market rate at $20 per s/f.
Cignature Realty Associates CEO Lazer Sternhell and president Peter Vanderpool represented the buyers, a group of real estate investors led by Joshua Sternhell and David Katz. Cushman & Wakefield’s Robert Shapiro, Bob Knakal and Jonathan Hageman represented the sellers, Sentinel Real Estate Corp.