Washington Heights Building Trades for $11.6M
Liam La Guerre Aug. 13, 2015, 3:45 p.m.
A partnership of E&M Associates and Treetop Development purchased a six-story mixed-use building at 104 Audubon Avenue between West 171st and West 170th Streets in Washington Heights for $11.6 million.
The 45,000-square-foot building, which is also known as 550 West 171st Street, has 50 rent-stabilized apartments in five walkup-floors, and five retail tenants on the ground floor. The deal for the property closed on July 28, according to city records made public on Aug. 7.
There is a mix of 40 two-bedroom units and 10 one-bedroom apartments in the building, which is a block away from Highbridge Park. The retail space is being occupied by mom-and-pop businesses, including a salon and a laundromat.
“It has low rents with stabilized apartments, so there is big upside and the retail rents are under the market,” HPNY’s Ivan Hakimian, who represented the buyers along with colleague Eli Scharf, told Commercial Observer. “And that area is changing.”
The seller, Baxter 18 Realty Company, did not have a broker in the transaction.