Barberry Rose Management, a family-owned real estate company, has picked up a multifamily property in Washington Heights for $8.5 million, Commercial Observer has learned.
The 36,125-square-foot multifamily property at 720 West 172nd Street, also known as 121-123 Haven Avenue, has 32 apartments spread over six stories.
Eastern Consolidated’s Matthew Sparks and Abram G. Bernstein represented the seller, David Tseng, in the deal. Mr. Sparks also represented Barberry Rose Management.
Mr. Sparks said Mr. Tseng sold the property because “he’s getting a little bit older and he doesn’t want to manage it anymore.”
The deal closed on Nov. 4, according to Mr. Sparks.
Barberry Rose Management owns other buildings in Washington Heights.
This is the first sale of 720 West 172nd Street, located on the corner of Haven Avenue, in 34 years. Barberry Rose Management plans to upgrade the mechanicals and common areas. Mr. Sparks called the property “an unpolished jewel,” adding that it “needs some work.”
He also noted that the neighborhood surrounding the building is changing.
“There’s a lot of good stuff going on in the neighborhood,” Mr. Sparks said. “The hospital [Columbia University Medical Center] is always expanding. The Port Authority is redoing the [George Washington Bridge Bus Station] and they’re adding a lot of retail. The neighborhood is definitely sprucing up.”