Real Estate Weekly
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Deals & Dealmakers

Sweet Sugar Hill deal

Besen & Associates announced the sale of 820-830 Riverside Drive, a 5-story walkup residential building with 46 apartments.

The property was built in 1921 and has approximately 50,910 s/f.

SHALLINI MEHRA
SHALLINI MEHRA

The sale was completed in an off-market transaction for $9.4 million by Amit Doshi and Shallini Mehra of Besen & Associates. It was sold by a private equity real estate fund to a local private investor.

The property is located where Sugar Hill meets the beginning of Washington Heights. The average rent per apartment is $1,282, and the average rent per room is $271.

The selling price of $9.4 million equates to a 13.3 gross rent multiplier, four percent cap rate, $204,000 price per unit, and $184 price per square foot.

“Buildings on Riverside Drive command a premium,” said Mehra. “It is a beautiful street with many stately buildings that don’t trade hands too frequently.”

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