Conquest Advisors Sells 539 East 87th Street to French Investor February 20th, 2013
Conquest Advisors sells 539 East 87th Street to a French Investor, Far East 87, LLC. for $8,050,000. The building was purchased in 2005 for 5.0 Million by Prime East Realty. The building had been vacated of all rent stabilized tenants and delivered to the partnership ready for re-development. It is located on the Upper East Side around Carl Schurz Park, Mayor Bloomberg's Gracie Mansion and behind the successful price breaking 170 East End Avenue designed by by Peter Marino.
The developers, Jaf Glazer from Conquest Advisors and Hayward Pressman of Prime East Realty had initially decided to create a truly unique single family conversion. After the market adjustment of 2008 the partnership re-mapped the direction of the building and converted the property to a unique multi-family building consisting of a 2 and 3 bedrooms.
Jaf Glazer stated, " We chose extremely high end finishes and fixtures including marble bathrooms enabling us to achieve a record breaking price per foot." The building achieved north of $75 dollars per square foot on each unit rented.
The foreign buyer, primarily looking for stable cash flow purchased the building for slightly above a 5% yield. "The foreign market is increasingly looking for stable cash flow in the US market while international markets experience instability", stated Mr. Glazer.