Ownership sold ahead of an approaching loan maturity and expiring tax abatement; a targeted marketing campaign drew more than 10 competitive offers.
-- Alpha Realty brokered the $9.25 million sale of a multifamily property at 308 East 109th Street in Manhattan, closing the deal at an 8.1% capitalization rate and $373 per square foot. Lev Mavashev and Yehuda Leser of Alpha Realty represented the seller in the 24,655-square-foot transaction.
Ownership decided to sell as the property's loan maturity approached alongside an expiring 421-a tax abatement. The owner retained Alpha Realty to lead the disposition given the complexity of marketing a tax-abated Manhattan multifamily asset under those constraints. Alpha Realty ran a targeted buyer marketing campaign and generated more than 10 competitive offers, despite the loan maturity and tax abatement timeline working against the seller. The property's location and long-term value-add potential drove investor interest.
The buyer pursued the property for its future upside, including the option to explore a condominium conversion over time. The building's construction quality and underlying fundamentals made it an attractive investment despite near-term operational headwinds. The deal closed below replacement cost, underscoring the opportunity the buyer identified in a well-located Manhattan asset with redevelopment and repositioning potential.
Investors continue pursuing high-quality multifamily properties with long-term growth potential, even in a challenging capital markets environment. Mavashev and Leser drew on Alpha Realty's experience with Manhattan multifamily and tax-abated assets to run a competitive process and deliver the outcome for ownership.
The full case study on the transaction is available at https://www.alpharealtyny.com/308-east-109th-street-manhattan-sold/.
About the company: Alpha Realty is a New York City–based commercial real estate brokerage specializing in the sale of multifamily and mixed-use properties across Manhattan, Brooklyn, and the surrounding boroughs. Led by Managing Principal Lev Mavashev, the firm has closed over $3 billion in NYC multifamily transactions since 2014, advising owners, investors, and developers on acquisitions, dispositions, and long-term value strategies.
Contact Info:
Name: Lev Mavashev
Email: Send Email
Organization: Alpha Realty - Investment-Sales | NYC Multifamily
Address: 164 20th St Suite 3D, Brooklyn, NY 11232
Phone: (212) 658-0955
Website: https://www.alpharealtyny.com/
Release ID: 89198395
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