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Cushman & Wakefield Sells Broadway Towers Complex in Washington Heights

03/18/2015

Two residential apartment towers at 4101 and 4113 Broadway, located between West 173rd and 174th Streets in Manhattan’s Washington Heights neighborhood, were sold in an all-cash transaction valued at $42,000,000.

Literally towering above other buildings in the neighborhood, these two 12-story, elevator-serviced buildings are separated by a church and combine for approximately 126,005 gross square feet, 125 residential units and seven ground floor commercial units.  All of the residential units are rent stabilized and the unit mix consists of 63 one-bedroom, 36 two-bedroom, and 24 three-bedroom apartments.  The sale price equates to approximately $333 per square foot.

The buildings are located in Washington Heights, undoubtedly one of Northern Manhattan’s most established and sought after residential enclaves anchored by major institutions such as Yeshiva University and New York Presbyterian Hospital.  Tenants benefit from the properties’ close proximity to the bustling 181st Street and St. Nicholas Avenue retail corridors and the convenience of numerous forms of transportation, including the 1 and A express trains and the George Washington Bridge Bus Station within walking distance.

“High-rise assets like these are unique in Northern Manhattan and therefore demand was through the roof,” said Cushman & Wakefield’s Robert M. Shapiro, who exclusively handled this transaction with Bob Knakal, Chairman, New York Investment Sales.

03/18/2015 - 21:15

Source

Cushman & Wakefield Capital Markets Group New York

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