Jungreis and Khakshoor of Rosewood complete $14.05 million sale of two-building apartment portfolio

April 17, 2018 - New York City
Aaron Jungreis, Rosewood Realty

 

Ben Khakshoor, Rosewood Realty

 

Manhattan, NY Rosewood Realty Group has arranged the $14.05 million sale of a two-building portfolio in Manhattan Valley. The two five-story, mixed-use buildings at 943 and 973 Columbus Ave., feature 36 apartments and four retail stores that include a grooming salon, a coffee shop and a bar. Together, the buildings sold for 13.5 times the current rent roll at a 5.2% cap rate. Combined the buildings are 18,123 s/f. Both were built in 1910.

Rosewood’s Aaron Jungreis represented the seller, the Orbach Group, and Rosewood’s Ben Khakshoor represented the buyer, the Mehta family, a real estate investor who owns and co-manages 450 units in Washington Heights, Manhattan, the outer boroughs, Westchester and internationally and is developing several buildings in the SoHo, Chelsea and downtown area.

“This is a great deal for the buyer because it sold at an attractive cap rate and the area will only continue to appreciate with the expansion of Columbia University,” said Khakshoor.

973 Columbus Avenue - Manhattan, NY

 

943 Columbus Avenue - Manhattan, NY

 

 

Comments

Add Comment


More from the New York Real Estate Journal