February 2nd, 2016, by Front Section
Greg Corbin, Besen & Associates
1792 Amsterdam Avenue – Manhattan, NY
Manhattan, NY Besen & Associates arranged the sale of 1792 Amsterdam Ave. in the Hamilton Heights neighborhood of the borough $3.263 million. Greg Corbin, Miguel Jauregui, and Saadya Notik of The Corbin Group exclusively represented the seller and also procured the buyer.
“This sale was particularly challenging due to ever-changing factors prior to closing that required rapid renegotiations even after the contract went hard,” said Jauregui.
“The property had over 200 violations, DHCR filing issues, significant arrears, and a last minute lis pendens.” “Fortunately, we had two parties that were determined to get a deal done, so it was inevitable that we’d get to the finish line, it was just a question of how,”said Corbin. The subject property is a five-story mixed-use building consisting of 13 apartments and a store. The property was built in 1890 on a 27’ x 100’ lot and is 9,315 gross s/f.
The property has 1,050 s/f of retail, leased to a local tenant with rents $40 per s/f. Average in-place rent per unit per month is $1,346. Layouts for the building include two-bedroom and three-bedrooms.
The sale price equates to $233,000 per unit, $350 per SF, 14.5 GRM, and a 3.7 % cap rate. This adds to a string of deals closed over the past few weeks by The Corbin Group, including 71 Clinton Street on Manhattan’s Lower East Side which sold for $16,050,000 and 957 Utica Avenue in Brooklyn, which sold for $5,165,000. Mr. Corbin, Besen’s 2015 Deal Maker of the Year, commented that the pricing achieved on these properties is indicative of the red-hot New York City market which set an all-time record in 2015 of over $75 billion in aggregate sales.