Washington Heights Portfolio Fetches $165M
Intervest Development Corp is selling off a nine-building mixed-use portfolio in Washington Heights for $165M, after sitting on it for more than 20 years.
WHP LLC, a consortium of private investors, was the buyer, the Commercial Observer reports. Eastern Consolidated’s Marcia Rose Yawitz, who repped Intervest along with colleague Ron Solarz, told the Observer that Intervest “wanted to take advantage of the currently strong market.”
The buildings are located on St. Nicholas Ave between West 164th and West 192nd streets, and total roughly 500k SF. Among them, they contain 413 apartments and 48 street-level retail stores, two professional offices and a rooftop antenna.
Of the apartments, 383 are rent-stabilized, 25 are rent-controlled and five are free-market. Monthly rents run from $378 to $2,639.
Marcia says Washington Heights is getting a lot of looks recently, as property values continue to increase at the same time that demand among renters in that area remains high. [CO]
