3.6% Cap Rate for Washington Heights Apartments
Lewis Barbanel of Barberry Rose Management paid $12.5 million for the 42 rent-regulated apartments at 390 Wadsworth Ave., a pre-war, elevator building in the Washington Heights neighborhood of Manhattan. That works out to a price of nearly $300,000.
“The property sold for a cap rate of just 3.6 percent, as the buyer recognized the building’s significant upside and decided to make this long-term investment,” said Sasha Berg, a senior associate with GFI Realty, which represented both the buyer and the seller in the transaction.
“This transaction speaks volumes to the continued ascendance of Washington Heights,” said Berg. “For the buyer, this deal presented a unique opportunity to acquire a long-term asset in a prime Manhattan neighborhood that is clearly on the rise.”
Barberry Rose Management also recently purchased a 13-building portfolio of 363 apartments in the Inwood neighborhood nearby.
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