Washington Heights Portfolio Sold for $165M
- May 09, 2016
New York— Eastern Consolidated has brokered the $165 million sale of a portfolio of nine mixed-use elevator buildings totaling 487,700 square feet in Manhattan’s Washington Heights neighborhood, the company announced on Thursday, the day after the deal closed.
The buildings are located on major corridors, primarily St. Nicholas Avenue, between West 164th and West 192nd Streets and consist of 413 apartments (about 70 percent with two or more bedrooms), 48 street-level retail stores, two professional offices and one rooftop antenna. Eight of the nine buildings reportedly are situated on prominent corners.
Eastern Consolidated Senior Director & Principal Marcia Rose Yawitz and Executive Managing Director & Principal Ron Solarz represented the seller, Intervest Development Corp., and also procured the buyer, a consortium of private investors doing business as WHP LLC. According to an Eastern Consolidated spokesperson, the purchasing entity is based outside of New York City.
The sellers simply felt it was time to sell the portfolio, Yawitz told Commercial Property Executive. “They’ve had the properties for between 20 and 30 years and wanted to take advantage of the currently strong market.”
“As values in West Harlem and Hamilton Heights have increased exponentially, active real estate investors are seeking properties with upside in Washington Heights,” Yawitz said in a prepared statement. “Renters priced out of other areas also are attracted to the area because of its abundance of large, prewar apartments like those in this portfolio.”
“The buyer saw a rare opportunity to acquire a prime, mixed-use Washington Heights portfolio that offers tremendous upside value on the residential and retail units, as the rents are far below market,” Solarz added. “All but one property in the package is a corner building with ground floor retail.”
The 1, A, C, and D subway lines run from Washington Heights to Midtown in less than 25 minutes. In addition, the Port Authority of New York and New Jersey together with a private developer are completely renovating the George Washington Bridge Bus Station. This, according to Eastern Consolidated, is expected to enhance property values in the area, especially the retail.
Image courtesy of Eastern Consolidated