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Brokerage
Posted: March 12, 2024
Rosewood Realty Group brokers $5 million mixed-use deal
Manhattan, NY Rosewood Realty Group brokered the $5 million sale of a five-story, walk-up building with 60 apartments and two commercial spaces in Washington Heights.
The 56,300 s/f fully rent-stabilized building at 560-562 West 175th St. (between St. Nicholas and Audubon Aves.) which was built in 1924 sold for a cap rate of 8.8% and a GRM of 5.2. The building also sold for a $81,000 per unit and $89 per s/f.
Rosewood’s Ben Khakshoor and Alex Fuchs represented both the buyer, Adam Goodstein and the seller, Jeff Farkas.
“This purchase not only promises steady returns but also offers the invaluable advantage of long-term tenant retention and consistent cash flow,” said Khakshoor.
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