$250K-Per-Apartment for Rent-Stabilized Walk-Up

Investors Sohnim LLC and Robert Mudd paid $2.5 million for the 10 rent-stabilized apartments at 514 W. 169th St., a five-story walk-up building in Washington Heights, one of the busiest neighborhood’s in Northern Manhattan for apartment transactions.

That works out to a price of $250,000 per apartment, or $308 per square foot.

“With current rents nearly 35% below market, the new owner benefits from considerable upside in a neighborhood that has been experiencing notable growth year-over-year,” according to Ariel. The new owner will also benefit from a local J-51 property tax abatement in place until 2027.

Victor Sozio, Michael A. Tortorici, Matthew L. Gillis and David Khukhashvilli of Ariel Property Advisors represented the seller, Silvershore Properties.

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