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

Massey Knakal Sells The Boulevard Heights Portfolio - Four Prime Multifamily Buildings In West Harlem And Washington Heights

11/27/2013

The Boulevard Heights Portfolio, consisting of four multifamily buildings located at 3489 Broadway, 519 West 143rd Street, 610 West 163rd Street, and 548 West 164th Street in Manhattan’s West Harlem and Washington Heights neighborhoods, was sold in an all-cash transaction valued at $45,000,000.

The four pre-war buildings combine for 205 units and approximately 242,740 square feet.  The portfolio features tremendous upside in its residential rents, and the sale price equates to approximately $185 per square foot.

3489 Broadway, located between West 142nd and West 143rd Streets, is a ten-story elevator building containing approximately 108,656 square feet on a 99.92’ x 125’ lot.  It consists of 73 residential and two commercial units.  519 West 143rd Street, located between Broadway and Amsterdam Avenue, is a six-story elevator building containing approximately 29,520 square feet on a 70.83’ x 99.92’ lot.  It consists of 24 residential units.  610 West 163rd Street, located between Broadway and Fort Washington Avenue, is a five-story walk-up building containing approximately 47,930 square feet on a 125’ x 142.17’ lot.  It consists of 52 residential units.  548 West 164th Street, located between Broadway and St. Nicholas Avenue, is a six-story elevator building containing approximately 56,634 square feet on a 132.5’ x 99.92’ lot.  It consists of 54 residential units.

All of the properties are extremely well located and close to public transportation and neighborhood anchors such as Columbia Presbyterian Hospital, The City College of New York, and the newly improved Riverbank State Park. 

“The Northern Manhattan submarket has been the most active submarket in the city this year, and this transaction is another example of this growing trend,” stated Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Massey Knakal’s Robert Shapiro and Josh Lipton. “Through the first three quarters of this year there has already been a higher total sales volume up there than in all of last year,” he added.

“This portfolio had a significant amount of vacant retail space which investors found very appealing due to the current retail renaissance we are experiencing in Northern Manhattan,” said Robert Shapiro.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

11/27/2013 - 10:43

Source

Cushman & Wakefield Capital Markets Group New York

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