A mixed-use building in Washington Heights has traded hands for a cool $16 million, Commercial Observer has learned, nearly double what it sold for two years ago.
Miami-based investor Alan Marcus bought 3750 Broadway between West 155th and West 156th Streets, according to a source familiar with the sale. The pre-war building has 32 rental apartments and four commercial units, according to brokerage GFI Realty Services, which represented both sides of the deal. Two of the commercial units are currently vacant, and 70 percent of the apartments are rent-stabilized.
Monarch Realty Holdings, the seller, paid $8.3 million for the 47,000-square-foot building in August 2013, property records show.
“The seller acquired the building in 2013 and, recognizing the strength of today’s market, was looking to cash out on its investment,” said GFI’S Ohad Babo, who represented Monarch Realty Holdings, in prepared remarks. “We were able to take advantage of the reinvigorated neighborhood and procure a purchase price of $16 million—approximately double what Monarch paid for the property just two years ago.”
GFI said in a press release that the buyer was drawn to adding large Washington Heights properties like 3750 Broadway to his portfolio. Other properties include 3760 Broadway between West 156th and West 157th Streets, 3660 Broadway between West 151st and West 152nd Streets and 580 St. Nicholas Avenue between West 139th and West 140th Streets.
“A recent entrant to the New York City market, the buyer has acquired several quality properties in the city and was looking to add to its portfolio,” said Roni Abudi, who represented Mr. Marcus in the deal, in prepared remarks. “The buyer has strong familiarity with Upper Manhattan and recognizes the value of a corner building with upside in this burgeoning neighborhood. With a portfolio that includes other properties in this area, they were very eager to acquire 3750 Broadway.”