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

Massey Knakal Sells Multifamily Building In Washington Heights

05/29/2014

A multifamily building at 517 West 180th Street located between Amsterdam and Audubon Avenues in Manhattan’s Washington Heights neighborhood, was sold in an all-cash transaction valued at $4,250,000.

The five-story walkup building contains approximately 20,000 square feet and sits on a 50’ x 100’ lot. It consists of 26 rent stabilized units, with a mix of five one-bedroom, 12 two-bedroom, five flex three-bedroom, three three-bedroom and one five-bedroom apartments. The building has been well-maintained and features a new gas boiler, a new sewer line from the basement into the street, and pointing. The sale price equates to approximately $213 per square foot.

The property is in close proximity to High Bridge Park, the Broadway and West 181st Street retail corridors and neighborhood attractions, such as Yeshiva University, the Palace Theatre and the Cloisters museum. Public transportation is easily accessible with the 1 train stop at St. Nicholas Avenue and West 181st Street, the A express train stop at Fort Washington Avenue and West 181st Street, and numerous bus routes in the surrounding area.

“This manageable size of this transaction drew tremendous interest from investors looking to make their entry into the booming Washington Heights market,” said Massey Knakal’s Robert Shapiro, who exclusively represented the seller in this transaction.

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

05/29/2014 - 11:09

Source

Cushman & Wakefield Capital Markets Group New York

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