Yawitz, Solarz and Hazelton of Eastern Consolidated arranges sale of 9 buildings totaling 487,700 s/f for $165 million

New York, NY Eastern Consolidated has arranged the sale of a portfolio of nine mixed-use elevator buildings totaling 487,700 s/f located in the Washington Heights section of Manhattan. The package sold for $165 million.

Eastern Consolidated senior director and principal Marcia Rose Yawitz and executive managing director and principal Ron Solarz represented the sellers, Intervest Development Corp., which owned and managed the portfolio for 30 years. Yawitz and Solarz also procured the buyer, WHP LLC. Wade Hazelton served as the financial analyst for the offering.

The buildings in the portfolio are located on major corridors between West 164^th St. and West 192^nd St. and consist of 413 apartments, of which about 70% contain two or more bedrooms; 48 street level retail stores; two professional offices; and one rooftop antenna. Eight of the nine buildings are situated on prominent corners.

“As values in West Harlem and Hamilton Heights have increased exponentially, active real estate investors are seeking properties with upside in Washington Heights,” Yawitz said. “Renters priced out of other areas also are attracted to the area because of its abundance of large, pre-war apartments like those in this portfolio, which are ideal for both families and shares.”

Solarz said, “This is an exciting package. The buyer saw a rare opportunity to acquire a prime, mixed-use Washington Heights portfolio that offers tremendous upside value on the residential and retail units, as the rents are far below market. All but one property in the package is a corner building with ground floor retail.”

The neighborhood offers excellent transportation on the 1, A, C, and D subway lines that run to Midtown in less than 25 minutes. In addition, the Port Authority and a private developer are completely renovating the George Washington Bridge Bus Station, which is expected to enhance property values in the area, especially the retail. In 2014, close to five million passengers on 337,000 bus trips passed through the station located between 178th and 179th Streets and Fort Washington and Wadsworth Avenues.

Other neighborhood assets include Yeshiva University, the Cloisters, Fort Tryon Park, Columbia University Medical Center, New York Presbyterian Hospital, and the Highbridge Recreation Center.