2021 Lawyers in Real Estate Awards
Last year, the Connect CRE team followed up our well-received Next Generation Awards and Women in Real Estate Awards with the inaugural Lawyers in Real Estate Awards. For...
2021 Women in Real Estate
Announcing the 2021 Winners for the Connect CRE Women in Real Estate Awards.
From hundreds of submissions, we have highlighted women with achievements and...
2021 Next Generation Awards
Connect Commercial Real Estate is proud to present the winners of our 2021 Next Generation Awards. In one of the most challenging years on record for the industry,...
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$200K-Per-Unit for Rent-Regulated Apartments in Washington Heights
An investor paid $4 million for the apartment building at 467 W. 164th St. in Manhattan’s Washington Heights neighborhood.
“The deal presented the opportunity to acquire a property at a capitalization rate north of 5%, a gross rent multiplier of 12.5 times and a price-per-unit of $200,000. This area is only getting stronger and allowing for significant upside potential that will increase the bottom line of this investment,” said Erik Yankelovich, senior director for GFI Realty Services, which represented the seller, a local investor.
The rents at all 20 apartments at the building are restricted by New York’s rent stabilization laws — including 10 studios and 10 one-bedroom units.