Rosewood Realty Group brokered the sale of a 26-unit multi-family building in Washington Heights for $4.2 million.
The building, at 630 West 172nd Street (between Ft. Washington Avenue and Broadway), is a five-story walk-up that was built in 1920. The 22,585 sq. ft. building also features 14,770 sq. ft. of additional air rights.
The fully rent stabilized building sold for a 5.9 % cap rate or $186,000 price per unit, at a GRM of 9.1.
Rosewood Realty’s Group Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented both the buyer, a real estate investor and the seller, Rockfarmer Properties.
“The buyer saw the potential in the area and plans to hold this property long term,” said Fuchs.
“The Ft. Washington/ Columbia Hospital submarket is unusually strong because of the great train and shopping access, strong housing market and great condition of the building which gave the buyer a great deal at the $4.2 million purchase price,” added Jungreis.
