UWS Building Sells For $90M After Years Of Complaints: Report
UPPER WEST SIDE, NY — BlackRock, the world’s largest asset manager, just sold an Upper West Side residential building for $90 million, reported the Real Deal.
The building at 98 Riverside, near West 82nd Street, has had years of complaints recorded beginning in 2009 on a StreetEasy page named, “outrageous building in last few years.”
The complaints mention “staggering rent,” having to sell their “summer places” to afford the UWS rent, “major leaks,” “plumbing issues,” and “dirty and filthy common areas.”
“Catastrophic floods that affect multiple apartments are common (2x per year),” one person wrote about the building. “Mismanaged response to a November 2020 fire that affected many floors of the east wing of the building has left at least one floor in shambles.”
BlackRock told Patch it had no comment about the complaints filed and why it decided to sell the property.
A quick look at listings for the building shows a studio going for $3,395 a month, a two-bedroom going for $7,595 a month, and a three-bedroom going for $11,995 a month.
The Department of Building’s website shows that the address has 34 open violations.
However, as the Real Deal first reported, the primary reason might have to do with 98 Riverside’s new landmark status.
The Upper West Side building was given landmark status two years ago, meaning that the property is under stricter regulations by the city.
All of the open violations can now be reported to the Landmarks Preservation Commission, which can enforce the landlord to make the repairs.
The new owner is now Morris Schreiber, who is part of a family-owned real estate company that got its start by buying brownstones on the Upper West Side, according to its website.