Rosewood Realty Group brokered the $5 million sale of a five-story, walk-up building with 60 apartments and two commercial spaces in Washington Heights.
The 56,300 sq. ft. fully rent stabilized building at 560-562 West 175th Street (between St. Nicholas and Audubon Avenues) that was built in 1924 sold for a cap rate of 8.8 percent and a GRM of 5.2. The building also sold for a $81,000 per unit and $89 per sq. ft.
Rosewood’s Ben Khakshoor and Alex Fuchs represented both the buyer, Adam Goodstein and the seller, Jeff Farkas.
“This purchase not only promises steady returns but also offers the invaluable advantage of long-term tenant retention and consistent cash flow,” said Khakshoor.
