Manhattan, NY Rosewood Realty Group has completed the $48 million sale of two six-story elevator apartment buildings with 141 apartments on Fort Washington Ave. in Washington Heights.
Together the buildings, at 80 & 86 Fort Washington Ave., total 138,228 s/f. The buildings also come with over 48,000 s/f of air rights.
Number 80 was built in 1920 and number 86 was built in 1930. The buildings sold for 19.5 times the current rent roll, at a 3.38 percent cap rate.
Rosewood Realty’s Aaron Jungreis represented the buyer, RCR Management and Rosewood’s David Berger represented the seller, a group of investors, including Mike Spira and the estate of Josh Sternhell.