New York Real Estate Journal | August 15, 2017
Manhattan, NY GFI Realty Services, LLC completed the $40.1 million acquisition of 385 and 395 Fort Washington Aves., two six-story mixed-use buildings located in the Washington Heights neighborhood. The properties comprise 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 the buyer and seller. The seller was Scandinavian Homes, while the buyer was a joint venture of Olshan Properties and Millhouse Properties.
“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 nature of the transaction was such that getting a deal signed on acceptable terms was an uphill battle, and in repeated instances, negotiations fell through because would-be buyers and the seller didn’t see eye-to-eye.”
“We were ultimately able to bring in a buying group that was determined to get a deal done. After handling negotiations between the two parties, we ultimately closed a very strong deal for both the buyer and the seller,” Weiser said.
The properties were both owned by the seller’s family for six decades, and had not traded since the 1950s. Located at the foot of the George Washington Bridge, they are within a block of the A train, which provides express service to Midtown.
“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,” said 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. It’s not every day that an asset that hasn’t traded for more than 60 years hits the market, and new ownership will benefit from recognizing this opportunity.”
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