168 N. Water Street

Property

The apartments located at 168 North Water Street, Greenwich CT are comprised of 6-two bedroom units totaling 5,148 rentable square feet in one-three story building built in 1900. Situated on a 0.16 acre lot, the building has 7 off-street parking spaces, 6 storage units in the basement, and a deck for the tenants overlooking the Byram River. The property is just 1 mile from the Port Chester Metro North Station with access to Grand Central Station in Midtown Manhattan in under 50 minutes.  All units were fully renovated in 2023, have in-unit laundry, and individual electric heating systems. The property went under contract with just 2 units leased and closed with 5 of the 6 units fully leased.

Strategy

The owners of the property had reached out to Matt Cawley of National Multifamily as he had completed a sale for them in the prior year on the same street.  The owners indicated that they were interested in an off-market sale.  Within 48 hours of the inbound call, Matt Cawley had organized the financials for the property, toured the building with the eventual buyer who was not the same one from the prior deal, and had an offer accepted on the deal.  The seller was represented by in-house agent Pamela Franklin of Houlihan Lawrence.

Result

As the deal was completed so quickly and off-market, the seller had confidence that Matt Cawley of National Multifamily had procured the top and right buyer for the property.  The result of the deal that was put together within 48 hours of the initial call was a smooth transaction from start to finish that included:

1) Full coordination by Matt Cawley of National Multifamily of a due diligence period including a lease and financials review and a GPR scan as well as a full bank financing that included an appraisal and Phase I Environmental.

2) The Offer Price was the Closing Price, even with the deal coming together within 48 hours, having a full due diligence period and financing contingency.

3) A major part of the deal was the lease-up of 4 of the 6 units that had been renovated in the building.  At one point Matt Cawley even helped cover for a two-week period for the member of the selling team to help show the apartments to prospective tenants to keep the deal on track for a closing.

4) The sale of 168 N Water Street, Greenwich CT closed at a price per unit of $408,333 and a price per square foot of $475.91. The average across all of +4 unit multifamily and mixed-use buildings in Greenwich for the past 2 years was $341,481/unit and $325.29/SF.  The closing of the property represented an increase of 19.6% over the average price per unit and 46.3% above the average price per square foot.

The deal closed on June 3, 2024.  Contact Matt Cawley for a full setup at closing.