BESEN ARRANGES $9.4M SALE OF NYC APARTMENT BUILDING

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NEW YORK CITY — Besen & Associates has arranged the $9.4 million sale of 820-830 Riverside Drive, a five-story 46-unit apartment property in Manhattan. Built in 1921, the property spans 50,910 square feet. Amit Doshi and Shallini Mehra of Besen & Associates arranged the off-market transaction for the buyer, a local private investor, and the seller, a private equity real estate fund. The average rent per apartment is $1,282 a month. The sale price equates to a 13.3 gross rent multiplier, 4 percent cap rate and $184 per square foot. Bryan McCrossen of Donovan LLP represented the seller, and Eric Berliner of Berliner & Pilson Esq. represented the buyer.

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