GPG Properties LLC, the recently-launched investment arm of the Glick family portfolio, has closed on 312-314 East 91st Street in the Yorkville section of Manhattan’s Upper East Side. Located between First and Second Avenues, the five-story, circa 1910 residential building has 30 rental units, ranging from studio through four-bedroom apartments. In addition, it is conveniently close to the Second Avenue subway line, Carl Schurz Park, the East River, restaurants and abundant shopping.
“This is an exceptionally stable asset that is consistent with many other properties in the Glick family portfolio,” says Jason Glick, Managing Partner, GPG Properties. “We are sure we can efficiently manage the property and position the asset for long-term hold.”
Adds Randy E. Glick, President, Mautner-Glick Corp, “Mautner-Glick has managed multi-family assets on the Upper East Side for nearly six decades. This was a not-to-miss opportunity for the portfolio.”
The brokers representing the seller was Joe Koicim, Peter Von Der Ahe, and Daniel Handweiler of Marcus and Millichap. The buyer was self-represented. The purchase price was $12.5 million.
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