February 26, 2020
Amit Doshi of Meridian Investment Sales arranged the sale of 118 E. 93rd St. in the Upper East Side’s Carnegie Hill neighborhood for $27.5 million. The 38-unit pre-war building, which sold for $723,685 per unit, underwent extensive condo-like renovations and is 42% free market.
Crest Realty had purchased the property in 2017, intending to convert it to condominiums. Of the 17 free-market apartments, nine apartments were gut-renovated with modern condo finishes and substantial renovations, and upgrades were also made to the lobby. Crest also installed a brand-new gym, storage, bike room and laundry room.
Doshi and colleague Jonathan Shainberg represented the purchaser, Gazivoda Realty. Cushman & Wakefield’s Robert Shapiro, Ian Brooks and Brett Weisblum represented Crest Realty.
Jacob Schmuckler of Meridian Capital Group arranged $16.5 million in financing from a regional bank in a brief 30-day timeframe. “This was a true time-of-the-essence closing, as the existing bridge lender required payoff,” said Schmuckler.
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