Real Estate Weekly | August 2, 2017
JV buys legacy buildings in Washington Heights
Olshan Properties has partnered with Millhouse Properties to acquire two Washington Heights buildings for $40.1 million.
GFI Realty Services brokered the acquisition of 385 and 395 Fort Washington Avenue, two six-story mixed-use buildings with a total of 115 apartments and four office units, nearly all of which are occupied.
GFI Realty president Michael Weiser led the GFI team — which included Barak Jacobov, Shawn Sadaghati and Yisroel Pershin — in representing both the buyer and seller, Scandinavian Homes.
“The buildings had been in the same family for over 60 years, and when these assets were finally put on the market, there was a great deal of competition among brokers looking to connect the seller with a buyer who recognized the property’s long-term potential,” said Weiser.
The properties, which last traded in the 1950s, are located at the foot of the George Washington Bridge, within a block of the A train.
“With a diverse range of eateries, convenient access to Midtown and proximity to several local parks, Washington Heights has become a very attractive residential neighborhood for both young professionals and families,” added Weiser. “With most units renting well below market rates, this two-building package gives the buyers a lot of room to add value over the long term. ”
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