Ariel Property Advisors (Ariel) announced the sale of a 63,935-square-foot, 81-unit rent stabilized multifamily property at 75-89 Wadsworth Terrace in the Washington Heights section of Northern Manhattan for $9,250,000, which translates to $144/SF, $114,197/unit and an approximate 6.38% cap rate.
An Ariel team led by Victor Sozio, Founding Partner, along with Shimon Shkury, President and Founder, Alexander Taic, Director, Investment Sales, and Jake Brody, Associate, Investment Sales represented the seller in the transaction.
The well-maintained, six-story building, which benefits from a J-51 tax abatement for the next 20 years, underwent significant renovations in 2010 and includes solar panels on the roof.
The multifamily property sits on a block-through lot with nearly 300 feet of frontage along Wadsworth Terrace, offering easy access to Broadway and an abundance of retailers and restaurants. The property is near Fort Tryon Park and Highbridge Park and conveniently located close to mass transit options.
For more information about the Northern Manhattan investment sales market, please refer to Ariel Property Advisors’ Northern Manhattan 2023 Mid-Year Commercial Real Estate Trends report, which is available HERE.
About Ariel Property Advisors
Ariel Property Advisors is a New York City-based commercial real estate services and advisory company with three main groups: investment sales, capital services and research. The Investment Sales Group covers all major commercial asset types throughout the NY metropolitan area, while the Capital Services Group provides clients nationwide with custom tailored financing. Finally, our Research team empowers our professionals and clients with timely market reports. More information is available at arielpa.nyc.
