Massey Knakal Sells Two Multifamily Buildings In Washington Heights
Two adjacent multifamily buildings at 38-52 Fort Washington Avenue, encompassing the entire eastern block front between West 160th and West 161st Street in Washington Heights, were sold in a transaction valued at $13,600,000.
The six-story elevator buildings combine for a total of approximately 117,276 square feet, 86 units, and 40,605 of air rights. The sale price equates to approximately $158,000 per unit.
The combined 86 residential units feature spacious pre-war layouts and are comprised of one studio, one one-bedroom, 29 two-bedroom, 25 three-bedroom, 23 four-bedroom, and six five-bedroom units. The buildings’ warm and charming vestibules make way for extremely well maintained properties with recent improvements including new elevators, roofs, re-pointing, boilers, intercoms, fire escape cages, mailboxes, and the installation of security and key fob systems.
The buildings’ proximity to Columbia Presbyterian Hospital and the ever bustling Broadway retail artery secure future tenant demand and ensure continued neighborhood growth and development. Riverside Park and Highbridge Park, home of New York City’s oldest bridge, are only a short walk away and offer the public rare urban vistas, pathways, pools, playgrounds, and ball fields. Public transportation is easily accessible via the 1 train stop at Broadway and West 157th Street, the C train stop at Amsterdam Avenue and West 162nd Street, and the numerous bus routes that cover the neighborhood.
“The purchaser of this property, like many investors today, is very optimistic on the Washington Heights market. Demand for high quality, well maintained, elevator buildings like these is stronger than ever,” said Massey Knakal First Vice President of Sales Robert M. Shapiro, who exclusively handled this transaction. Rob has handled 27 transactions in and around the Washington Heights area in 2012, including the $60,000,000 Broadway West 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 4,500 transactions having a market value in excess of $17 billion.