Mixed-use properties reaching great Heights
- Stephen M McAllister
- Jul 30, 2014
- 1 min read
Cignature Realty Associates just closed an $8.8 million mixed-use building sale in Washington Heights, Manhattan.
The six-story elevator building at 611 West 177th Street is a corner building at Wadsworth Avenue with 44 apartments and three professional offices. The41,298 s/f property was built in 1927.
Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented the seller, 611 West 177 Street LP, a real estate fund. The buyer, 611 Realty Associates LLC, is a local real estate investor.
The building sold for 11.8 times the current rent roll.
“Buildings such as these have a lot to offer investors and owners and include significant upside potential,” said Vanderpool.
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