Glick Property Group - GPG Acquires 4 Mixed Use Properties On Upper West Side For $33M

The recently closed property transaction involves four mixed-use buildings located at 588-594 Amsterdam Avenue in the Upper West Side market. These five-story buildings have a combined total of 45,000 square feet, with the potential for up to 100,000 square feet of buildable space. The properties consist of 71 units, predominantly residential, with five ground-floor retail spaces. Currently, only one of the retail spaces is occupied by a laundromat. Grey Seal Realty, who has owned these properties for over a century, acted as the seller in this transaction.

Summary of transaction details

• Property Type: Mixed Use
• Transaction Amount: $33,000,000
• Existing Square Footage: 45,000
• Buildable Square Footage: 100,000
• Price per Buildable Square Foot: $330
• Address: 588-594 Amsterdam Avenue
• Market: Upper West Side

The buyer in this transaction is the Glick Property Group (GPG). GPG handled the deal in-house, and their representatives are Hall Oster and Guthrie Garvin. It is worth noting that the transaction closed on August 15, 2018. This deal represents a significant purchase for GPG, as they acquired these properties from Grey Seal Realty for a total of $33 million. The transaction marks a strategic move for GPG to expand their presence in the Upper West Side market.