Marcus & Millichap Sells Inwood Apartment Building Near Historic Park
Investment Sales firm Marcus & Millichap has arranged the $1.75 million sale of a four-story residential property at 21 Broadway Terrace in the Inwood section of Manhattan, The Commercial Observer has learned.
The 17-unit building is 9,728 square feet and in addition to significant upside potential for the units includes an additional 2,310 square feet of air rights.
“We were able to find a buyer who is in the process of expanding his portfolio from Lower Manhattan to Washington Heights,” said Marcus & Millichap’s top-producing multifamily agent and “piano man” Peter Von Der Ahe, who brokered the deal with Scott Edelstein and Seth Glasser.
The sale puts the price tag on each unit at over $100,000.
The property is within walking distance to the nearly 70-year-old Fort Tryon Park and its outdoor amenities, such as playgrounds, tennis courts, hiking trails, and a waterfront promenade along the river. The park is also home of the Cloisters Museum.
Earlier this year, Massey Knakal sold a 68-unit building across the street from the park 4740 Broadway for $11.3 million, another deal that highlighted the potential for parks – in addition to schools, restaurants and public transportation – to boost residential property values.
Vicinity to parks was considered a major factor in creating higher levels of “walkability” in the study “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” which has positive impacts on property values, according to the study.