David Lichtenstein Of Lightstone Group Acquires Multifamily Property At 323 West 96th Street For $88M

A multifamily rental property located at 323 West 96th Street in the Upper West Side has been placed under contract for $88,000,000. The asset encompasses 133,697 square feet with 172 units, translating to a price per square foot of $658 and a price per unit of $511,628.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $88,000,000
• Address: 323 West 96th Street
• Market: Upper West Side
• Square Footage: 133,697
• Price per Square Foot: $658
• Units: 172
• Price per Unit: $511,628

David Lichtenstein of Lightstone Group is the buyer, while Joel Wiener of Pinnacle Group is the seller. The acquisition involves the purchase of Pinnacle Group's leasehold interest and 50% fee interest in the property, with closing anticipated in early August pending bondholder approval.