Slate buying Upper West Side apartments for $120M
Slate Property Group has entered into an agreement to acquire 600 Columbus Avenue, a 166-unit rental building on the Upper West Side for $120 million. The New York multifamily property market has experienced a significant slowdown due to rising interest rates and sellers' reluctance to reduce prices. However, Slate appears to have avoided this bottleneck by acquiring a property with a favorable purchase price, age, and market-rate composition.
Although the building's units are a mixture of market rate and rent-stabilized apartments, it is not listed among the city's rent-regulated properties. This means that Slate may have gotten a bargain considering the building's mostly free-market composition, the purchase price, and the square footage rate.
The building, which was built in the mid-1980s, is located between West 89th and 90th streets and has not changed hands since. Its previous owner, a firm connected to the developer and former politician Jerome Kretchner, remains unclear if it has made significant renovations.
One-bedroom apartments in the doorman building currently fetch approximately $4,000 per month. In January, the median price of a Manhattan apartment was $4,097, representing a 13 percent increase from last year's prices and was only about $50 below the record high posted in July.
