LichtensteinRE has just Sold a 56 Apartment Complex in Haverstraw, New York for $6,000,000
Riverdale, New York. Andrew Lichtenstein, President of LichtensteinRE, has just sold a 5 building multifamily garden apartment complex located at 119-143 Maple Avenue and 130-130A West Street in Haverstraw, for $6,000,000 all cash containing 56 residential apartments.
The two story 19,800 square foot complex is built on two acres of land on four contiguous property lots, directly opposite the Hudson River waterfront. 20% of the units have bucolic water views. The property, built in 1970, is well maintained and 100% rented. The sale price represents a price of $303 per square foot and $107,142 per unit. Andrew Lichtenstein also arranged pre-approved financing for the buyer.
The net Income of the property is $353,924, well below the rental market. The new owner will have the opportunity to increase the rents to raise the net Income to $547,674. Should the buyer wish to take advantage of maximum potential of the property, the town has green lighted the complex to be expanded by an additional 50 apartments to a total of up to 106 apartments for a total of up to 67,426 total developable buildable square feet upon completion.
The property is next door of “The Harbors at Haverstraw,” a luxurious Hudson riverfront community consisting of more than 100 rental and privately owned condominiums. The neighboring upscale development provides high end rental comparable rents evidencing the property’s future upside potential income. Additionally, the property is right across from the NY Waterway commuter ferry that connects the town to New York City.
Haverstraw is a town in Rockland County, on the Western border of the Hudson River. “The buyer resides in the town of Monsey, conveniently located a few miles away of the property. He is in close proximity to his new purchase making management and ownership easy for him”, said Andrew Lichtenstein the Seller’s Exclusive Sales Broker for the property.
Haverstraw Village is in the process of gentrification attracting former New York City residents. They come to the town because of its vast Hudson River shoreline, suburban life, natural amenities and easy commute to Grand Central Terminal.
LichtensteinRE is a full service Commercial Real Estate Sales, Financing and Advisory Service Boutique based in New York City, the financial capital of the world. Our proven experience, financing ability, exclusive buyers and contact will get you the best possible price when you sell your property.
Doctormortgage, our financing division and leader in Commercial Debt Financing will negotiate and facilitate financing to deliver the best price, leverage and return on investment possible.
LichtensteinRE greatest ability is creativity and problem solving. After selling your property, we will negotiate and guide you through a 1031 exchange. We will help you achieve your goals to SELL and BUY again.
Andrew Lichtenstein can be contacted at either Al@LichtensteinRE or 800-242-9888.