Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell The Palace Portfolio - Five Buildings West Of Broadway In Washington Heights

07/15/2014

Massey Knakal Realty Services has been retained on an exclusive basis to sell the Palace Portfolio consisting of five apartment buildings at 633, 636, 642, 643, and 650 West 173rd Street. The properties are located between Broadway and Fort Washington Avenue just north of Columbia Presbyterian Hospital in Manhattan’s Washington Heights neighborhood. The asking price of the portfolio is $32,500,000.

The five walk-up buildings total 146 residential units and approximately 120,000 square feet.  Of the 146 units, 133 are rent stabilized, two are rent controlled, eight are free market, and three are reserved for supers.  The unit mix consists of 45 one-bedroom, 81 two-bedroom, 19 three-bedroom, and one four-bedroom apartment. 

The properties are well-maintained and have undergone exterior building renovations including painting, landscaping, and masonry work on the entry walkways.  Many of the properties have undergone numerous major capital improvements including conversion to gas boilers and burners, roof renovations, pointing, new windows, and wiring. 

This unique opportunity offers investors a chance to acquire a sizable portfolio of residential buildings with below market rents in one of Manhattan’s emerging neighborhoods.

“Not only are these properties ideally located, they also have tremendous upside and are in great condition,” said Massey Knakal’s Robert M. Shapiro, who is exclusively marketing the portfolio.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

07/15/2014 - 09:30

Source

Cushman & Wakefield Capital Markets Group New York

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