Real Estate Weekly
GFI Realty Services, Inc. announced the sale of 3760 Broadway, a six-story elevator mixed-use building in Washington Heights.
The property traded for $14.7 million, which translates to 15 times the rent roll.
The building consists of 32 apartments, 15 of which are free market, and five stores. There is an additional 13,000 buildable square feet.
Roni Abudi, managing director, Investment Sales, represented the buyer, a local investor, and arranged the $8.63 million acquisition financing for this deal.
“With Columbia University’s recent expansion towards 125th Street, the inventory for buildings along Broadway has been shrinking,” said Abudi.
“This building in particular is in an excellent location, one block from the 157th Street subway station, and near several shops and restaurants.”