Josh Greenberg & Fred Rudd Acquire Mixed-Use Building On Upper West Side For $6.35M

A mixed-use building located at 425 Amsterdam Avenue in the Upper West Side was recently sold for a total of $6,350,000. The property spans across 8,500 square feet and consists of 10 units. The sale price per square foot was approximately $747, while the price per unit amounted to $635,000. The transaction took place on 10/14/2020.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $6,350,000
• Square Footage: 8,500
• Units: 10
• Address: 425 Amsterdam Avenue
• Market: Upper West Side

The buyer, Josh Greenberg, and Fred Rudd acquired the property from Cookstown Realty Corp., represented by Arthur Gorman. Anthony Celifarco, from Prime Real Estate Partners, acted as the broker in the transaction. The deal involved a mixed-use building with 9 apartments and a fully built-out bar/restaurant. Upon purchase, 5 apartments and the retail space were vacant. The buyer was able to secure a new retail lease with an established restauranteur, and the transfer of the liquor license predates Community Board approval. The property is Tax Class protected 2B, with current real estate taxes amounting to $38,000.

The transaction was initially signed before the COVID-19 pandemic. Despite the challenging environment, the broker, Anthony Celifarco, skillfully managed pricing adjustments and closing extensions to facilitate the deal for both the buyer and the seller.