X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]NEW YORK CITY-Five apartment buildings situated in Washington Heights and Fort George neighborhoods here are on the market for sale. The buildings are priced at $48 million for the portfolio, but can also be sold individually, sources tell GlobeSt.com.

The address of two of the buildings, situated one block from Columbia Presbyterian Hospital, is 1083-1091 St. Nicholas Ave. also known as 545 W. 164th and 540 W. 165th streets. The two six-story elevatored block front properties contain 106 apartments and 13 stores, totaling 135,462 sf with 220 feet of retail frontage on St. Nicholas Avenue. Together, the buildings are priced at $22.5 million.

[IMGCAP(2)]Another pair of buildings, located in the Fort George section of northern Manhattan, are located at 1621-1639 St. Nicholas Ave. also known as 601 W. 191st and 600 W. 192nd streets. Also six stories, these two multifamily residential properties offer 76 apartments and nine stores comprising 95,126 sf with 200 feet of retail frontage on St. Nicholas Avenue. They are priced at $18.5 million.

Finally, 610 W. 174th St., a six-story art deco elevatored residential property with 49 apartments comprising 40,924 sf, is located just off Broadway. The asking price is $7 million. All of the properties are pre-war and have recently been upgraded with capital improvements.

[IMGCAP(3)]The properties are being marketed through locally based Eastern Consolidated, led by Marcia Rose Yawitz, senior director, with Peter Hauspurg, chairman, and Harrison Douglas, director. Yawitz tells GlobeSt.com that the sellers are locally based and are moving on. “They are baby boomers who have owned and managed these properties for 25 years, but now wish to embark on other activities.”

Yawitz says that the Washington Heights area is transitioning. “Its demographics are shifting, rents have escalated and some even dub it the new Upper West Side of New York,” she says. “Acquiring this portfolio, or any part of it, represents an excellent opportunity for an investor to secure a foothold in the area. The buildings are stable, solid, well-maintained, offer large rent-stabilized apartments and promise terrific upside since rents are significantly below market.” Yawitz continues to tell GlobeSt.com that she expects that likely buyers are “those who recognize the growth potential for the area.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.