Eastern Consolidated has arranged the sale of a portfolio of nine mixed-use elevator buildings totaling 487,700 s/f in Washington Heights. The package sold for $165 million.
Senior Director and Principal Marcia Rose Yawitz and Executive Managing Director and Principal Ron Solarz represented the sellers, Intervest Development Corporation, which owned and managed the portfolio for approximately 30 years.
Yawitz and Solarz also procured the buyer, WHP LLC. Wade Hazelton served as the Financial Analyst for the offering.
The buildings in the portfolio are located on major corridors between West 164th Street and West 192nd Streets and consist of 413 apartments, of which about 70 percent contain two or more bedrooms; 48 street level retail stores; two professional offices; and one rooftop antenna.
“As values in West Harlem and Hamilton Heights have increased exponentially, active real estate investors are seeking properties with upside in Washington Heights,” Yawitz said.
“Renters priced out of other areas also are attracted to the area because of its abundance of large, pre-war apartments like those in this portfolio, which are ideal for both families and shares.”
Solarz continued, “This is an exciting package. The buyer saw a rare opportunity to acquire a prime, mixed-use Washington Heights portfolio that offers tremendous upside value on the residential and retail units, as the rents are far below market. All but one property in the package is a corner building with ground floor retail.”
The neighborhood offers excellent transportation on the 1, A, C, and D subway lines that run to Midtown in less than 25 minutes.
The Port Authority and a private developer are completely renovating the George Washington Bridge Bus Station, which is expected to enhance property values in the area. In 2014, close to five million passengers on 337,000 bus trips passed through the station. Also nearby are the Cloisters and Fort Tryon Park.