NEW YORK, NY – November 30, 2023 – Ariel Property Advisors (Ariel) announced the sale of a 63,935-square-foot, 81-unit rent stabilized multifamily property at 75-89 Wadsworth Terrace in the Washington Heights section of Northern Manhattan for $9,250,000, which translates to $144/SF, $114,197/unit and an approximate 6.38% cap rate.
Ariel Property Advisors arranged the $9.25 million sale of 75-89 Wadsworth Terrace.
An Ariel team led by Victor Sozio, Founding Partner, along with Shimon Shkury, President and Founder, Alexander Taic, Director, Investment Sales, and Jake Brody, Associate, Investment Sales represented the seller in the transaction.
The well-maintained, six-story building, which benefits from a J-51 tax abatement for the next 20 years, underwent significant renovations in 2010 and includes solar panels on the roof.
The multifamily property sits on a block-through lot with nearly 300 feet of frontage along Wadsworth Terrace, offering easy access to Broadway and an abundance of retailers and restaurants. The property is near Fort Tryon Park and Highbridge Park and conveniently located close to mass transit options.
For more information about the Northern Manhattan investment sales market, please refer to Ariel Property Advisors’ Northern Manhattan 2023 Mid-Year Commercial Real Estate Trends report, which is available HERE.
Ariel Property Advisors is a New York City-based commercial real estate services and advisory company with three main groups: investment sales, capital services and research. The Investment Sales Group covers all major commercial asset types throughout the NY metropolitan area, while the Capital Services Group provides clients nationwide with custom tailored financing. Finally, our Research team empowers our professionals and clients with timely market reports. More information is available at arielpa.nyc.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via email@example.com
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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.