Connect Media | October 9, 2017
An investor paid $4 million for the apartment building at 467 W. 164th St. in Manhattan’s Washington Heights neighborhood.
“The deal presented the opportunity to acquire a property at a capitalization rate north of 5%, a gross rent multiplier of 12.5 times and a price-per-unit of $200,000. This area is only getting stronger and allowing for significant upside potential that will increase the bottom line of this investment,” said Erik Yankelovich, senior director for GFI Realty Services, which represented the seller, a local investor.
The rents at all 20 apartments at the building are restricted by New York’s rent stabilization laws — including 10 studios and 10 one-bedroom units.
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