3750 Broadway - Manhattan, NY
GFI Realty Services, LLC arranged the $16 million acquisition of 3750 Broadway, a mixed-use property located in the Washington Heights neighborhood of the borough.
Ohad Babo of GFI Realty represented the seller, Monarch Realty Holdings, LLC, while Roni Abudi represented the buyer, a Miami-based investor.
Ohad Babo, GFI
Roni Abudi, GFI
“The seller acquired the building in 2013 and, recognizing the strength of today’s market, was looking to cash out on its investment,” said Babo. “We were able to take advantage of the reinvigorated neighborhood and procure a purchase price of $16 million - approximately double what Monarch paid for the property just two years ago.”
The pre-war, elevator building consists of 32 residential apartments and four ground-floor retail units. Located near the border of Washington Heights and Hamilton Heights, the property is close to Columbia University and New York-Presbyterian Hospital — an ideal location for professors and doctors at these institutions. Just one block from the 1 train, it also provides an easy commute to Midtown.
“A recent entrant to the New York City market, the buyer has acquired several quality properties in the city and was looking to add to its portfolio,” said Abudi. “The buyer has strong familiarity with Upper Manhattan and recognizes the value of a corner building with upside in this burgeoning neighborhood. With a portfolio that includes other properties in this area, they were very eager to acquire 3750 Broadway.”
Washington Heights has been revitalized in recent years, and is largely populated by families and young professionals. In addition to several parks, neighborhood residents have access to restaurants, shops and other retail amenities.