Rockland County investors sell coveted Washington Heights building for $16M
By: REW
Cignature Realty Associates closed a $16 million sale of a 54-unit multifamily building in Washington Heights to Barberry Rose Management Company (BRM), a full service New York City property management company.
Cignature Realty’s Lazer Sternell and Peter Vanderpool represented both Barberry and the seller, Hillcrest Acquisitions LLC., a group of private investors based in Rockland County’s Spring Valley.
The six story elevator building at 548 West 164th Street was built in 1910 and is 56,634 square feet. It has a cap rate of 2.7 percent and the price per square foot is $283.The unit mix is one studio, 24 two-bedrooms, 12 three-bedrooms and 17 four-bedrooms.
“This building is a six-story elevator building with 133 feet of frontage right by Columbia Medical center,” said Cignature Realty President Peter Vanderpool. “Buildings with such frontage are getting harder and harder to buy because the demand is so great and owners generally are reluctant to sell them.”
The purchaser plans to hold onto the building and increase the property’s income, according to Vanderpool.