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| 974 Saint Nicholas Avenue Apartments, Washington Heights Neighborhood, Manhattan, NY |
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| Scott Edelstein |
NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of 974 Saint Nicholas Ave.,
a six-story, 47-unit elevator building in Manhattan’s Washington Heights
neighborhood.
The $15.5 million sales price equates to $330,000 per unit.
Located
between 159th and 160th streets with 127 feet of frontage on Saint Nicholas
Avenue, the building features 33 market-rate units, 13 rent-stabilized
apartments and one rent-controlled unit.
Recent renovations include new
parapets, new elevator and mechanicals, new stone flooring throughout the common
areas, new hallway lighting and a full roof replacement.
The units have been upgraded with new wood floors, new
plumbing and electrical, stainless steel appliances and granite countertops.
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| Rafi Moskowitz |
Peter
Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz, all in
Marcus & Millichap’s Manhattan office, represented both the seller and
buyer.
“As the
rental market around nearby Columbia Presbyterian Hospital and Yeshiva
University continues to grow, the new owner can anticipate tremendous growth
from the property’s free-market rental income,” says Glasser.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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