Rare Upper West Side Offering Fetches $52.5M

Posted by Kinnaird Fox — December 11, 2012

1355252543New York, NY - FENWICK KEATS Real Estate announced today the sale of one of the last significant rental properties on West End Avenue. Samson Management purchased 498 West End Avenue earlier this week for a record $52,500.000. Rob Anzalone, Chairman of FENWICK KEATS states, “498 West End Avenue is a jewel! The trend of converting rental buildings of this type into to coops or condos made this property exceptionally attractive to perspective buyers. Its architectural detail and room scale rivals many Park Avenue and Central Park West buildings. This undoubtedly had an impact on the record sale price.” Built in 1911, the 12 story building boasts 4 units per floor ranging from 1-3 bedrooms. The design ensures that all rooms feature exterior exposures with no interior courtyard.

Although the property was never officially on the market, interest in the building was substantial once word got out about this “quiet sale.” FENWICK KEATS agents handled the aggressive bidding and demand to see the property with discretion and respect for the tenants currently occupying the space. Jeff Wolk, President of FENWICK KEATS, who helped broker the deal asserts, “Deals of this size require patience and determination by the broker to be certain that all parties walk away happy. We are thrilled with the outcome of this considerable sale.”

“This was a perfect fit,” said Mike Sieger, Senior Vice President at FENWICK KEATS who brought the buyer, Samson Management. “The buyers are long time Manhattan property owners who really appreciated the integrity of the building. With an old-fashioned, gentlemen’s approach, the buyer viewed the property, met the owner, shook hands and it was basically done.”

FENWICK KEATS Real Estate is a full service real estate company established in 1989 with three offices throughout Manhattan.

For more information or to arrange an interview with FENWICK KEATS stakeholders, please contact, Haasan Morse at Morse Code PR – 917-576-0130 | Haasan@MorseCodePR.com or Kinnaird Fox, Director of Development. 917-354-7652 | kfox@fenwickkeats.com.

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