Real Estate Weekly | October 4, 2017
GFI Realty Services
Barbanel sees upside in Washington Heights
GFI Realty Services announced the $12.5 million sale of 390 Wadsworth Avenue, a 42-unit, pre-war elevator apartment building in Washington Heights.
Senior associate Sasha Berg represented both the buyer, Lewis Barbanel of Barberry Rose Management, and the seller in the transaction.
The 50,000 s/f building is composed of one one-bedroom unit, 18 two-bedroom units, 11 three-bedroom units, and 12 five-bedroom units, all of which are rent stabilized.
“For the buyer, this deal presented a unique opportunity to acquire a long-term asset in a prime Manhattan neighborhood that is clearly on the rise,” said Berg. “The property sold for a cap rate of just 3.6 percent, as the buyer recognized the building’s significant upside and decided to make this long-term investment.”
For Barberry Rose Management, this acquisition comes on the heels its $63 million purchase of a 13-building, 363-unit portfolio in neighboring Inwood.
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