Nuveen Real Estate has acquired a portfolio of two multi-family properties on Manhattan's Upper West Side. As the "Commercial Observer" learned, Nuveen purchased the properties at 200 Manhattan Avenue and 133 West 104th Street, known as the Manhattan Valley Apartments, from L+M Development Partners for US$75 million. This is according to relevant property records and information from a source familiar with the deal.
The properties comprise a total of 143,551 square feet and include 126 residential units which fall under the federal Section 8 programme. The buildings are located near the northern end of Central Park, between Central Park West and Amsterdam Avenue, approximately six blocks apart.
The property at 200 Manhattan Avenue was constructed in 1890 and is six storeys high with 181 residential units. The building at 133 West 104th Street was built in 1950 and features seven storeys with 28 units.
Transaction Details and Involved Parties
Victor Sozio, Shimon Shkury, and Remi Mandell of Ariel Property Advisors brokered the sale on behalf of the seller, as the company stated. Ariel declined to comment further. Spokespersons for Nuveen and L+M did not immediately respond to requests for comment.
Recent Market Developments on the Upper West Side
News of this sale follows a series of recent activities on the Upper West Side. Last month, Hawkins Way Capital acquired a hotel property converted into student accommodation at 117 West 70th Street from the American Musical and Dramatic Academy for US$80 million. Back in May, Benchmark Real Estate Group purchased a 15-storey, 90-unit apartment building at 698 West End Avenue for US$42 million, as reported by the "Commercial Observer".
- —200 Manhattan Avenue (Year Built: 1890, 6 Storeys, 181 Units)
- —133 West 104th Street (Year Built: 1950, 7 Storeys, 28 Units)
- —Total Area: 143,551 Square Feet
- —Proportion of Subsidised Housing: 126 Section 8 Voucher Units
