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Brokerage
Posted: November 12, 2013
Mavashev and Aronov of Besen & Associates sell Washington Heights building for $3.915 million
Besen & Associates arranged the sale 558 West 193rd Street, between Audobon and St. Nicholas Avenues, located in the Washington Heights section. This property sold for $3.915 million which equates to a capitalization rate of 5.3%, $126,290 price per unit, $161 per s/f and 10.6x rent roll. Lev Mavashev and Jacob Aronov of Besen & Associates represented both the buyer and seller in this transaction.
Built 50' x 86', this 6-story residential elevator building is comprised of 31 apartments. Apartment layouts include six studios, 18 one-bedrooms, and 7 two-bedrooms, with average rents well below market. This property is conveniently walking distance to the #1 train and a few blocks north of Yeshiva University.
"The rents in this part of Washington Heights are quickly rising as the area is gentrifying with students and young working professionals" said Mavashev, senior director. "The buyer was quick to see the potential upside in the rents and made a competitive offer immediately in order to secure the deal."
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