Washington Heights Apartments Get $40M

Investors paid $40.1-million for two six-story buildings in Manhattan’s Washington Heights neighborhood.

“Getting a deal signed on acceptable terms was an uphill battle… in repeated instances, negotiations fell through because would-be buyers and the seller didn’t see eye-to-eye,” said Michael Weiser, president of GFI Realty Services, which represented both the seller, Scandinavian Homes, and the buyer, a joint venture of Olshan Properties and Millhouse Properties.

For six decades, the seller’s family had owned 385 and 395 Fort Washington Ave., which total 115 apartments and four office units, nearly all of which are occupied.

“With most units renting well below market rates, this two-building package gives the buyers a lot of room to add value over the long term,” said Weiser. Located at the foot of the George Washington Bridge, they are within a block of the A train, which provides express service to Midtown.

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