Massey Knakal Sells The Palace Portfolio - 5 Multifamily Buildings West Of Broadway In Washington Heights
The Palace Portfolio, consisting of five apartment buildingsat 633, 636, 642, 643, and 650 West 173rd Street, was sold in an all-cash transaction valued at $30,000,000. The properties are located between Broadway and Fort Washington Avenue just north of Columbia Presbyterian Hospital in Manhattan’s Washington Heights neighborhood.
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 sale price equates to approximately $250 per square foot.
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.
“Bidding on these assets was highly competitive due to the tremendous upside in rents, superior west of Broadway locations and ability for an owner to purchase 146 units in one shot,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction with Thomas A. Donovan.