-- Mixed-use package of 13 buildings with 359 residential and two retail units on market for the first time in over 40 years --
Eastern Consolidated has been selected as the exclusive agent to sell a 13-building multifamily portfolio in the Inwood section of Manhattan, which is being offered for the first time in over 40 years. The asking price is $62 million.
The Inwood Portfolio consists of 359 residential apartments and two retail stores in 13, five-story walk-up buildings on Sherman Avenue, Post Avenue, Academy Street, and Vermilyea Avenue. The package also includes a surface parking lot located behind the buildings.
Eastern Consolidated Executive Managing Director and Principal Ron Solarz, and Senior Director and Principal Matthew Sparks are serving as the exclusive brokers marketing the package. Gary Meese, Senior Director, Financial Services, is the analyst for the offering.
“This offering presents investors with the opportunity to acquire a portfolio of 13 apartment buildings containing 359 residential units that have significant inherent future upside potential,” Solarz said. “All buildings are located within close proximity of one another, translating to efficient operations and administration.”
Sparks continued, “The properties in this package have been well-maintained by the same owners for over 40 years. Improvements include state-of-the-art gas boiler conversions and other initiatives that will substantially decrease the need for capital expenditures going forward.”
The buildings are located within three blocks of two popular Upper Manhattan parks situated along the Hudson River--Fort Tryon Park and Inwood Hill Park, and transportation via the A or 1 subway lines, which offer easy access to the Midtown and Downtown Manhattan business districts.
The properties also are steps from the vibrant Dyckman Street retail corridor and near several major Upper Manhattan and Bronx employment centers including New York Presbyterian/Columbia University Medical Center, Yeshiva University, James J. Peters VA Medical Center, Fordham University, Lehman College, St. Barnabas Hospital, and Bronx-Lebanon Hospital Center.
Eastern Consolidated
Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.
