News:
Brokerage
Posted: March 12, 2024
Rosewood Realty Group brokers $5 million mixed-use deal
Manhattan, NY Rosewood Realty Group brokered the $5 million sale of a five-story, walk-up building with 60 apartments and two commercial spaces in Washington Heights.
The 56,300 s/f fully rent-stabilized building at 560-562 West 175th St. (between St. Nicholas and Audubon Aves.) which was built in 1924 sold for a cap rate of 8.8% and a GRM of 5.2. The building also sold for a $81,000 per unit and $89 per s/f.
Rosewood’s Ben Khakshoor and Alex Fuchs represented both the buyer, Adam Goodstein and the seller, Jeff Farkas.
“This purchase not only promises steady returns but also offers the invaluable advantage of long-term tenant retention and consistent cash flow,” said Khakshoor.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 250 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
Quick Hits
.gif)
Columns and Thought Leadership
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
.gif)