Tabak and Edelkopf of Bluestone Realty close $24 million deal: 191 units

In a $24 million, all cash transaction, a prominent institutional real estate company has recently purchased the 191 unit apartment complex known as 300-310 Wadsworth Ave. in the Washington Heights neighborhood. The property consists of a two-building complex with a common courtyard and occupies the entire square block from West 188th to West 189th Sts. The transaction was brokered by Eli Tabak and Yona Edelkopf of Bluestone Realty. "The purchasers were able to look beyond the rent multiple and cap rate and recognize the deal as a bargain for the bricks," said Tabak, a founding partner at Bluestone. "It is not often that someone has an opportunity to purchase a square block in Manhattan for $24 million," said Edelkopf, the managing director of Bluestone. Bluestone Realty and its parent company, The Bluestone Group, was founded in January of 2007 and has done in excess of $200 million in sales in the past year.