A five-story, rent-stabilized building located in Washington Heights has recently been sold for $5 million. The property, situated at 560-562 West 175th Street, boasts a total of 60 apartments and two commercial spaces spanning over 56,300 square feet. Originally constructed in 1924, the sale was made at an attractive cap rate of 8.8 percent and GRM of 5.2 with a unit price of $81,000 and square foot price of $89.
The transaction was facilitated by Rosewood’s Ben Khakshoor and Alex Fuchs who represented both parties involved – buyer Adam Goodstein and seller Jeff Farkas. According to Khakshoor: “This acquisition not only guarantees stable returns but also provides the added benefit of long-term tenant retention resulting in consistent cash flow.”
