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Washington Heights Mixed-Use Building Sold for $5M
A rent-stabilized, five-story, walk-up building in Washington Heights has been sold for $5 million. The building at 560-562 West 175th Street features 60 apartments and two commercial spaces, totaling 56,300 square feet. Built in 1924, it was sold for a cap rate of 8.8 percent and a GRM of 5.2, at a price of $81,000 per unit and $89 per square feet.
Rosewood’s Ben Khakshoor and Alex Fuchs represented both the buyer, Adam Goodstein, and the seller, Jeff Farkas. “This purchase not only promises steady returns but also offers the invaluable advantage of long-term tenant retention and consistent cash flow,” said Khakshoor.
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