Avison Young’s Tri-State Investment Sales Division team announced it has arranged the $32.5 million sale of The Canterbury, a renowned 42,186-square-foot, 48-unit rental building located at 204 West 108th Street in the heart of Manhattan’s Upper West Side. With the decline in the investment sales market, this deal represents one of the larger single property trades that Upper Manhattan has seen in recent times.
Sam Schertz, Associate Director of Avison Young who specializes in mixed-use and multifamily sales, was the sole broker in the transaction between the seller The Orbach Group, and the buyer, Arkar Inc.
“The Upper West Side is one of the hottest residential markets in Manhattan and the pre-war Canterbury building is one of the most recognized and charming properties in the entire area,” Schertz said. “The property’s location, excellent condition, and strong cash flow made this an attractive investment and it’s rare that an asset as appealing as the Canterbury becomes available.”
Originally built in 1915, the six-story 204 West 108th Street Canterbury building is a low-rise, elevator-serviced rental property featuring two- to five-bedroom units, as well as a courtyard, laundry room, and storage facility. The property is situated near Columbia University and both Riverside Park and Central Park in addition to several major transportation lines.
Many of the units in the building have been recently renovated.
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