November 9, 2016
Brooklyn-based Clipper Equity shelled out $172.5 million to acquire The Brewster, a 15-story, 140-unit multifamily building on New York City’s Upper West Side. Seller Barings Real Estate Advisers had paid $98 million for the property at 21 W. 86th St. in 2012. Financing was obtained from New York Community Bank, which issued $104 million in debt, with a loan-to-value of approximately 60%.
The 90-year-old Brewster is situated between Central Park West and Columbus Avenue. The property offers two, three and four-bedroom apartments, some of which are rent-regulated. A two-bedroom, two-bath unit has a monthly rent of $7,695. Meanwhile, a four-bedroom, four-bathroom apartment has an asking rent of $21,995 a month.
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