GFI Realty Services, LLC today announced the $4-million sale of 467 West 164th Street, a 20-unit, pre-war, walk-up apartment building located in the Washington Heights section of Manhattan. GFI Realty Senior Director Erik Yankelovich represented the seller, a local investor.
The 9,795-square-foot building is composed of 10 studios and 10 one-bedroom units, all of which are rent stabilized. The asset is ideally located just blocks away from Columbia University Medical Center and Highbridge Park. It is also situated close to the A, C and 1 subway lines, as well as the George Washington Bridge.
“The deal presented the opportunity to acquire a property at a capitalization rate north of 5 percent, a GRM of 12.5 times and a price per unit of $200,000,” Yankelovich said. “This area is only getting stronger and allowing for significant upside potential that will increase the bottom line of this investment.”
In recent years, Washington Heights has emerged as one of Manhattan’s most attractive residential neighborhoods, drawing a steady stream of new residents to the area’s largely classic, pre-war housing stock. Residents also benefit from the area’s numerous mass transit options and competitive price points when compared to other Manhattan neighborhoods.
About GFI Realty Services, LLC
GFI Realty Services, LLC imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFI Realty Services, LLC utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.
The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions. For more information, visit GFIRealty.com.