Massey Knakal Sells 52-Unit Mixed-Use Building In Inwood
A mixed-use building at 5008 Broadway, located on the corner of Broadway and West 213th Street in Manhattan’s Inwood neighborhood, was sold in an all-cash transaction valued at $9,750,000.
The six-story, 52-unit elevator building contains approximately 48,576 square feet and sits on a 118.58’ x 70’ lot. It consists of five commercial and 47 residential units, of which 32 are one-bedroom, 14 are two-bedroom, and one is a three-bedroom unit. Recent improvements to the building include a new gas boiler and roof work. The sale price equates to approximately $201 per square foot.
This property is located directly across from Isham and Inwood Hill Parks, offering tenants numerous outdoor amenities. Public transportation is easily accessible by the A express train at Broadway and West 207th Street and the 1 train at Tenth Avenue and West 215th Street.
“The Northern Manhattan multifamily market remains red hot,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction. This property was on the market for just a few weeks before an investor picked it up above the asking price.
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.