Washington Heights Building Doubles Its Value in Two Years
The revitalization of the neighborhood and a strong market made for a great sell.
By Andie Lowenstein, Associate Editor
New York – GFI Realty Services LLC announced the acquisition of a Washington Heights property.
3750 Broadway, a mixed-use property in the Manhattan neighborhood, was sold for $16 million. Ohad Babo of GFI Realty represented the seller, Monarch Realty Holdings, LLC, while Roni Abudi represented the buyer, a Miami-based investor.
“The seller acquired the building in 2013 and, recognizing the strength of today’s market, was looking to cash out on its investment,” said Babo. “We were able to take advantage of the reinvigorated neighborhood and procure a purchase price of $16 million — approximately double what Monarch paid for the property just two years ago.”
The pre-war elevator building includes 32 residential apartments and four ground-floor retail units. Located near the border of Washington Heights and Hamilton Heights, the property is close to Columbia University and New York-Presbyterian Hospital – an ideal location for professors and doctors at these institutions. Situated just one block from the 1 train, it also provides an easy commute to Midtown.
“A recent entrant to the New York City market, the buyer has acquired several quality properties in the city and was looking to add to its portfolio,” said Abudi. “The buyer has strong familiarity with Upper Manhattan and recognizes the value of a corner building with upside in this burgeoning neighborhood. With a portfolio that includes other properties in this area, they were very eager to acquire 3750 Broadway.”
Washington Heights has been revitalized in recent years, and is largely populated by families and young professionals. In addition to highlighting several parks, neighborhood residents have access to restaurants, shops and other retail amenities.
GFI is active in arranging the sales of multifamily, mixed-use and development properties across New York City. Recent deals include the $35.5 million acquisition of a two-building multifamily portfolio in Hamilton Heights, and the $10.33 million purchase of 241-245 Ocean Parkway, which set a per-unit record for the Kensington neighborhood of Brooklyn.