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.

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.