Dealmaker Lev Mavashev has closed on a $12.5 million pair of Washington Heights apartment buildings.
The Alpha Realty principal brokered the off-maker sale of 560 and 569 West 192nd Street in Washington Heights.
560 West 192nd Street is a 31-unit building consisting of approxmately 31,000 s/f and 569 West 192nd Street is a 29-unit building consisting of approximately 30,000 s/f.
Both buildings are five-story walk ups located across the street from each other, between St Nicholas Avenue and Audubon Avenue.
The sale price equates to a Gross Rent Multiple of 15.8x and $204 per square foot. Mavashev negotiated on behalf of both buyer and seller.
“As with any transaction, there needs to be a good match with buyer and seller,” said Mavashev.
“The buyer was there throughout and as a result picked up two buildings with low average rents and tremendous upside potential.”
