Rosewood Realty Group has brokered the sale of a five-story walk-up apartment building in Manhattan's Upper West Side at 655 West 177th St. (between Broadway and Wadsworth) for $2.75 million.  The sale of the building is over ten times the current rent roll, according to Aaron Jungreis of Rosewood Realty Group.
The pre-war building, with 25 apartments and a commercial storage space in this rapidly gentrifying area has a lot of upside potential, according to Jungreis, who represented both the buyer and the seller in the deal. "The large apartments offer the new owners significant appreciation over the years because of the low rents."
Jungreis, who founded Rosewood Realty Group in 2007, is one of the most successful commercial brokers in the industry and among the top producers in the city. He was awarded CoStar's "Power Broker of the Year" twice, closing $1 billion in deals in 2007, and has also been honored by the Mann Foundation. In 2007 he was named "Mann Broker of the Year." Tags: