Three Washington Heights Buildings Sell for $13.8M
Lauren Elkies Schram Sept. 15, 2014, 11:13 a.m.
Three Washington Heights six-story walk-up apartment buildings comprised of 53,630 square feet have sold for $13.8 million, Commercial Observer has learned.
Two of the properties, 1001 St. Nicholas Avenue and 2001-2003 Amsterdam Avenue, are contiguous and occupy the entire block front of 159th Street between Amsterdam and St. Nicholas Avenues. The third building, 1995-1997 Amsterdam Avenue, is directly across on the southeast corner of 159th Street. Together they contain 64 apartments and six mom-and-pop shops. The average in-place apartment rent is $1,200 per month.
Amit Doshi and Ishan Chhabra of Besen & Associates negotiated the transaction on behalf of the seller, a long-term private owner who retired and moved out of state, and the purchaser, a local operator who actively acquires multifamily properties in northern Manhattan.
The deal closed on Aug. 21, a spokesman for Besen & Associates said.