Manhattan, NY Cignature Realty Associates closed the $30.8 million sale of a six-story multifamily double-elevator building with 79 residential apartments and one professional medical office in the Washington Heights neighborhood.
The 76,536 s/f building, at 336 Fort Washington Ave., between West 174th and West 175th Sts., sold for $ 402.32 per s/f. The building, that was built in 1924, overlooks J. Wright Park.
Cignature’s Peter Vanderpool represented the buyer, Michael Aryeh of Heritage Realty, and the seller, Fort Washington 336 LP.
The building sold for 17.45 times the current annual rent roll and for a 3.4% cap rate.
Cignature Realty is a commercial real estate brokerage company located in New York City. The Company, a leader in Manhattan multifamily and mixed-use apartment building sales, provides unparalleled deal execution supported by exceptional market intelligence for a broad range of real estate investors, from single-property owners to institutional and private equity funds.