Manhattan, NY Rosewood Realty Group has arranged the $14.05 million sale of a two-building portfolio in Manhattan Valley. The two five-story, mixed-use buildings at 943 and 973 Columbus Ave., feature 36 apartments and four retail stores that include a grooming salon, a coffee shop and a bar. Together, the buildings sold for 13.5 times the current rent roll at a 5.2% cap rate. Combined the buildings are 18,123 s/f. Both were built in 1910.
Rosewood’s Aaron Jungreis represented the seller, the Orbach Group, and Rosewood’s Ben Khakshoor represented the buyer, the Mehta family, a real estate investor who owns and co-manages 450 units in Washington Heights, Manhattan, the outer boroughs, Westchester and internationally and is developing several buildings in the SoHo, Chelsea and downtown area.
“This is a great deal for the buyer because it sold at an attractive cap rate and the area will only continue to appreciate with the expansion of Columbia University,” said Khakshoor.