MultifamilyClosedacquisition

Three UWS Apartment Buildings

206 West 96th Street, Manhattan, NY; 202 West 96th Street, Manhattan, NY; 204 West [Address Incomplete], Manhattan, NY·Feb 27, 2026, 5:20 PM

Deal Size

$22.5M

Cap Rate

Est. 5.80%

$/SF

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Size

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Occupancy

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Market Signal

Witnick Real Estate Partners acquired three adjacent multifamily properties on Manhattan's Upper West Side for $22.5 million.

Buyer Strategy

Witnick Real Estate Partners, a NYC-based developer specializing in multifamily, is expanding its portfolio within Manhattan, focusing on established, high-demand submarkets like the UWS.

Seller Motivation

Schreiber Properties is disposing of three adjacent properties on the UWS for a total of $22.5M, suggesting a potential portfolio rebalancing or monetization of stabilized assets.

Market Signal

The acquisition of walk-up buildings on the UWS by a local developer indicates continued institutional interest in acquiring existing, potentially under-optimized, multifamily stock in prime Manhattan neighborhoods.

Parties

BuyerWitnick Real Estate Partners →

SellerSchreiber Properties →

Location Analysis

Gateway Market

New York City-based developer acquiring properties in Manhattan suggests focus on core, high-barrier-to-entry markets.

Rent Growth

Rent growth in Manhattan multifamily is typically driven by high demand and limited supply, though rent control/stabilization laws may impact upside.

Value-Add

The properties are described as residential walk-ups, suggesting potential for value-add through unit renovations or repositioning, typical for NYC walk-up acquisitions.

Risk Factors

The transaction involves three adjacent properties, but the address for the third building (204 West [...]) is incomplete, hindering full due diligence on the portfolio composition.

Medium

Need to confirm the full address and unit count for the third property to accurately assess the portfolio's total value and unit mix.

Market Comparables

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