The address of two of the buildings, situated one block from Columbia Presbyterian Hospital, is 1083-1091 St. Nicholas Ave. also known as 545 W. 164th and 540 W. 165th streets. The two six-story elevatored block front properties contain 106 apartments and 13 stores, totaling 135,462 sf with 220 feet of retail frontage on St. Nicholas Avenue. Together, the buildings are priced at $22.5 million.
[IMGCAP(2)]Another pair of buildings, located in the Fort George section of northern Manhattan, are located at 1621-1639 St. Nicholas Ave. also known as 601 W. 191st and 600 W. 192nd streets. Also six stories, these two multifamily residential properties offer 76 apartments and nine stores comprising 95,126 sf with 200 feet of retail frontage on St. Nicholas Avenue. They are priced at $18.5 million.
Finally, 610 W. 174th St., a six-story art deco elevatored residential property with 49 apartments comprising 40,924 sf, is located just off Broadway. The asking price is $7 million. All of the properties are pre-war and have recently been upgraded with capital improvements.
[IMGCAP(3)]The properties are being marketed through locally based Eastern Consolidated, led by Marcia Rose Yawitz, senior director, with Peter Hauspurg, chairman, and Harrison Douglas, director. Yawitz tells GlobeSt.com that the sellers are locally based and are moving on. "They are baby boomers who have owned and managed these properties for 25 years, but now wish to embark on other activities."
Yawitz says that the Washington Heights area is transitioning. "Its demographics are shifting, rents have escalated and some even dub it the new Upper West Side of New York," she says. "Acquiring this portfolio, or any part of it, represents an excellent opportunity for an investor to secure a foothold in the area. The buildings are stable, solid, well-maintained, offer large rent-stabilized apartments and promise terrific upside since rents are significantly below market." Yawitz continues to tell GlobeSt.com that she expects that likely buyers are "those who recognize the growth potential for the area.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
