Eastern Consolidated has arranged the sale of the Inwood Portfolio, a 13-building multifamily package in the Inwood section of Manhattan, for $63.6 million.
Executive managing director and principal Ron Solarz, and senior director and principal Matthew Sparks, represented the long-time private owner, and procured the buyer, a private real estate investor. Gary Meese, senior director, Financial Services, was the analyst for the offering.
The Inwood Portfolio consists of 13, five-story walk-up buildings located on Sherman Avenue, Post Avenue, Academy Street, and Vermilyea Avenue, and a surface parking lot behind the buildings. The units include two retail stores and 359 residential apartments of which 93 are one bedrooms, 210 are two bedrooms, 51 are three bedrooms, and five are super units.
“There was a tremendous amount of interest in this portfolio, which offers significant future upside potential,” Solarz said.
“The buildings have been well-maintained by the same owner for 40 years and are located within close proximity of each other, allowing for efficient operation and administration.”
Sparks added, “The portfolio’s location in Inwood made it even more desirable because the buildings are steps from the subway and the vibrant Dyckman Street retail corridor where national retailers and major banks are located. Young professionals have discovered Inwood and are moving into the large apartments in the neighborhood’s residential buildings.”
The buildings in the Inwood Portfolio also are located within three blocks of two Upper Manhattan parks situated along the Hudson River — Fort Tryon Park and Inwood Hill Park — and transportation via the A or 1 subway lines, which offer easy access to Midtown and Downtown Manhattan .