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Brokerage
Posted: February 11, 2008
Newell and Mann of Reilly Mann Newell Realty complete $9.1m sale
An elevator apartment building on the corner of West 162nd St. and Bdwy. in Washington Heights has been sold to SDG Management Corp.
The brokers were Wells Newell and Jim Mann of Reilly Mann Newell Realty Group. The property, 3868 Bdwy. (aka 564-568 West 82nd St.) contains seven stores and 37 apartments.
According to the purchaser, both the retail and the residential components provide substantial upside potential due to the rapidly improving aspects of Washington Heights and rents that are currently below market.
The sellers, 3868 Bdwy. Realty LLC, had owned the property since 1985. The deal traded at $9.1 million, or $152 per s/f.
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