Manhattan apartments sell at major profit

Developer more than doubles return on investment

Boymelgreen Developers has closed on the sale of 323 West 96th Street, a luxury rental building on Manhattan's Upper West Side, resulting in a profit of $40 million. The 15-story, 171,988-square-foot building and the property's 99-year ground lease were sold to the Pinnacle Group for $74 million. Completed in 2003, the project's total development cost was $34 million. The 172 luxury residences at the property include 28 studios, 92 one-bedrooms, 29 two-bedrooms, two duplex and eight triplex townhouses with access to a secluded rear courtyard, and 13 duplex penthouses that offer access to a private roof terrace. At the time of sale, the property was 99 percent occupied. ...