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Massey Knakal Sells Two Multifamily Buildings In Washington Heights

10/16/2014

Two adjacent multifamily buildings at 300 and 310 Wadsworth Avenue, located between West 188th and West 189th Streets in Manhattan’s Washington Heights neighborhood, were sold in an all-cash transaction valued at $36,000,000.

The six-story elevator buildings combine for approximately 159,745 square feet on a 50’ x 100.92 lot.  The unit mix consists of 50 studios, 88 three-room, 25 four-room and 27 five-room apartments. Of the units, 75 have been completely gut renovated featuring all new electric, plumbing, drywall, wood or bamboo floors, granite countertops and marble bathrooms with high quality fixtures. In addition, recent capital improvements include new elevators, roofs, aluminum clad bulkheads, gas burners, intercoms, security and key-fob systems, re-pointing and a renovated common garden. The sale price equates to approximately $225 per square foot.

The property is located near the bustling 181st Street and St. Nicholas Avenue retail corridors and surrounded by neighborhood anchors Yeshiva University, New York Presbyterian Hospital, and Gorman Park. Public transportation is easily accessible via the 1 train stop at St. Nicholas Avenue and West 191st Street. 

“Investors continue to be attracted to the uptown multifamily market.  These properties encompass an entire city block and are in very good condition,” said Massey Knakal Robert M. Shapiro, who exclusively handled this transaction with Chairman Bob Knakal.

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

10/16/2014 - 14:16

Source

Cushman & Wakefield Capital Markets Group New York

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