Rosewood Realty Group brokered the sale of a five-story multifamily building in the Inwood neighborhood of Manhattan for $1.95 million.
The walk-up building at 407 West 205th Street, that was built in 1911, features 29 rent stabilized apartments. It sold for a cap rate of 7.8 percent, at a GRM of 5.4, with a price per unit of $67,241 and $109 per square feet.
Rosewood’s Ben Khakshoor, Aaron Jungreis and Alex Fuchs represented both the buyer, Gilman Management and the seller, Ramer & Saperstein, a family office.
“The property is in the AEP program and required a lot of work to bring it up to code,” said Rosewood’s Ben Khakshoor.”The buyer is a savvy investor who sees the long term potential of the property, the attractive per-unit basis and how it operates below replacement cost, solidifying its status as a smart investment choice.”
