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Classic Upper West Side Building Sells for $150 Million

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The tenants of the Upper West Side's The Chatsworth probably aren't the sort who will go quietly?after all, they once sued Donald Trump over the possibility that their views might be blocked by Riverside South. But developer Ziel Feldman is willing to take his chances with their wrath. He's just purchased the Chatsworth, at 344 West 72nd Street, for $150 million, the Journal reports. (That was the sellers' hoped-for price.) The building is about 50 percent rent-stabilized.

Under its new ownership, the building will be following in the path of many other classic Upper West Siders: a thorough renovation. But unlike the Apthorp and other conversions, the building will remain a rental for now. Currently priced around $35/square foot, post-renovation rents will be in a pricier realm?Feldman tells the Journal that other high-end UWS rental buildings go for around $90/square foot. Bets on how long before this one goes co-op or condo?
· Chatsworth Finds a Buyer [WSJ]
· Buy a Classic Upper West Side Building?for $150 Million [Curbed]

The Chatsworth

344 W 72nd St, New York, NY 10023