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Pantzer Properties Buys UWS Rental Building for $35.8M

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Earlier this week, Pantzer Properties of New Jersey closed on a deal for a 31,125-square-foot rental building on the Upper West Side, at 370 Columbus Avenue just off 77th Street. The five-story building has 54 rental apartments (about a third of which are rent-stabilized; the rest are market-rate) was bought by Pantzer for $35.8 million. According to Massey Knakal broker Thomas Donovan (who represented the seller, Vintage Group), Pantzer intends to "make it more of a luxury building," with plans to renovate the lobby and the hallways. The building is ideally located right across the street from the American Museum of Natural History.

The purchase marks Pantzer's first purchase in New York, a company that generally deals in property in Washington D.C.
· "NYC newcomer Pantzer lands UWS rentals for $35.8M"