Search
 

Upper Manhattan Portfolio Trades for $54M

NEW YORK CITY-A 21-building multifamily portfolio in Harlem and Washington Heights has changed hands for approximately $115,000 per unit.

By Paul Bubny | Updated on September 29, 2008

NEW YORK CITY-A 21-building portfolio of walk-up apartment buildings in northern Manhattan has sold to an unidentified buyer for $54 million. Known as “the New 118th Upper Manhattan Portfolio,” the properties, all in Washington Heights and central Harlem, were sold in an all-cash transaction by Richard Wasserman, a bankruptcy trustee representing a group of investors.

The properties include: 463-467 W. 159th St.; 2180-2182 Amsterdam Ave.; 503-507 W. 176th St.; 531 W. 179th St.; 704 W. 180th St.; 559-561 W. 183rd St.; 510-524 W. 184th St.; 507 W. 184th St.; 515 W. 184th St.; 516-520 W. 188th St.; 283-285 Audubon Ave.; 70-72 Pinehurst Ave.; 500 W. 190th St.; and 234-236 E. 118th St. Shimon Shkury, partner in Massey Knakal, tells GlobeSt.com the purchase price represents approximately $115,000 per unit, with a cap rate of 5.5%.

“The rents in this portfolio are relatively low compared to what the market will bear,” says Shkury, who handled the sale along with broker Rob Shapiro and Massey Knakal chairman Robert Knakal, the lead broker on the deal. He adds that the unidentified buyer, a long-term holder who owns other assets in northern Manhattan, “clearly saw the value in this portfolio.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.