Century-Old UWS Building At Major Intersection Sells For Over $50M

UPPER WEST SIDE, NY — A large residential building on a prominent Upper West Side intersection just sold for over $50 million, according to city records.

JLL Capital Markets announced recently that it has completed the sale of 740 West End Ave (between West 96th and 97th Streets) to investment firm Aya Acquisitions for $50.75 million, Real Estate Weekly reported.

The 14-story building contains 101 units and sits on the corner of the intersection that leads in and out of the West Side Highway. It is one of the busiest areas in the neighborhood as the 96th Street 1, 2, 3 station is also a 30-second walk toward Broadway.

The building was constructed in 1915.

According to 82 previous rentals on StreetEasy, units have an average price of $41 per square foot — or a rent price of $4,521.

Roughly 60 percent of the units are rent stabilized.

It is unclear if the new owners are planning any major changes to the building.

However, city records show that the investment firm buyer did not purchase any air rights above the building in the transaction, meaning that at least for now it doesn't plan to extend the building.

Aya Acquisitions has also purchased residential properties recently in the East Village, Gramercy, Alphabet City, Chelsea, and the Upper East Side, reported the Real Deal.