By Gus Saltonstall
An Upper West Side residential building just sold for nearly $90 million, according to sale filings and as first reported by The Real Deal.
Pinnacle Group has sold 323 West 96th Street, between West End and Riverside Drive, for $88 million.
The buyer? Lighthouse Group, which is an asset management firm.
The 15-story Upper West Side building, also known as Hudson Park Luxury Rentals, was built in 2001 and has 172 units. On the upper floors, the address has views of the Hudson River. The building also has a 24-hour doorman, a fitness center, a theater room, a roof deck, a children’s playroom, and more.
As reported by The Real Deal, Pinnacle Group was in the news last year after it placed more than 5,000 units, most of which were rent-stabilized, into bankruptcy. The move drew the ire of Mayor Zohran Mamdani, who labeled the real estate firm a “slumlord” and unsuccessfully attempted to stop the $451 million auction sale of the bankrupt units.
The 323 West 96th Street building has just four rent-stabilized units, according to filings.
It is unclear what Lighthouse Group plans to do with the Upper West Side building.
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“This is great news!” Said commenters on this forum.
Wow, that’s a steal.
My wife and I currently rent a one bedroom in this area for $3200/month. The rent, which is not stabilized, has consistently been raised about ~8% each year. We’d like to move next spring find a place we can stay long term. “Theatre room” and “roof deck” are enough to know I won’t be affording this spot. How are the young folks supposed to make it work if they don’t make $400k+ a year?