Cushman & Wakefield Sells Four Multifamily Buildings in Washington Heights
Four multifamily buildings, located at 508-512 West 158th Street, 516 West 159th Street, and 522 West 161st Street in Manhattan’s Washington Heights neighborhood, were sold in an all-cash transaction valued at $15,000,000.
The sale represents the final tranche of the New Manhattan Portfolio to close. The portfolio was divided into four portions which were sold with an aggregate value of $55,125,500. The first piece, 1771 and 1773 First Avenue, was sold in an all-cash transaction valued at $14,525,500. The second piece, 15-17 Arden Street and 149 and 157 Vermilyea Avenue, was sold in an all-cash transaction valued at $14,100,000. The third piece, 506 and 510 West 150th Street, was sold in an all-cash transaction valued at $11,500,000.
508-512 West 158th Street, 516 West 159th Street, and 522 West 161st Street are all located on the south side of their respective streets between Broadway and Amsterdam Avenue. They combine for 78 residential units and one commercial space across approximately 62,680 square feet. The residential unit mix consist of one, one-bedroom, 38 two-bedroom, 38 three-bedroom, and one four-bedroom apartment. Recent capital improvements include new roofs on 508-512 West 158th Street, new entry and vestibule doors, as well as a DVR security system on 516 West 159th Street. The sale price equates to approximately $239 per square foot.
The properties are all located within one block of the Broadway retail corridor, as well as neighborhood anchors such as New York Presbyterian Hospital, City College, and the George Washington Bus Terminal. Tenants benefit from proximity to public transportation, with the #1 subway line at Broadway and West 145th, West 155th, and West 168th Streets, the C subway line at St. Nicholas Avenue and West 155th Street, and the A subway line at Broadway and West 168th Street. Additionally, numerous bus lines service the area.
“This sale represents the fundamental strength of the Northern Manhattan multifamily market. Investors continue to be bullish uptown due lack of product, increasing values, and continuous upside,” said Cushman & Wakefield’s Robert M. Shapiro, who exclusively handled this transaction with Bob Knakal, Chairman, New York Investment Sales.