Canterbury hits market

Real Estate Weekly, July 16, 2008

The Canterbury, a 49-unit renovated Beaux Arts elevatored apartment building on the Upper West Side, is on the market for sale through Eastern Consolidated.

Eastern's Brian Ezratty, vice chairman, with Deborah Gutoff and Ronda Rogovin, senior directors, and Scott Ellard, financial analyst, are spearheading the marketing initiative on behalf of the seller for the six-story, pre-war, 42,186 s/f property on the south side of West 108th Street between Broadway and Amsterdam Avenue.

"55% percent of the units are free market and almost all of them (22 out of 26) have been completely renovated with new floors, walls, ceilings, kitchens and bathrooms," noted Gutoff who added that a $3.5 million plus capital improvement program took place between 2005 and 2007.

"The property is well-suited to virtually any marketing strategy. There is upside in continuing to operate the building 'as is' in order to increase the significantly below market rents in the remaining rent stabilized apartments.

"Or the property could be a candidate for a condominium conversion, benefitting not only from the expansion of nearby Columbia University, but the tremendous demand on behalf of buyers to acquire apartments in this burgeoning Upper West Side neighborhood."

The area has never been more vibrant, offering a plethora of new restaurants, and retailers along Broadway between Columbia's campus and West 96th Street. New condo developments abound and include the Opus at Broadway and 107th, as well as Extell's Ariel and Avery at Broadway and West 100th Street.