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Prana Grows Northern Manhattan Holdings with Inwood Buy
Cushman & Wakefield arranged the sale of 682 Academy St., a 22,650-square-foot multifamily property in Northern Manhattan’s Inwood neighborhood. The final sale price was $6,100,000, equating to $269 per square foot.
A Cushman & Wakefield team of Robert M. Shapiro, Ian Brooks and Lauren Hyland represented the seller, Enterprise Asset Management. Prana Investments purchased the asset.
“We’ve seen a trend of flight to quality in the current market and the physical condition and sound paperwork for this building played a significant role in helping close this sale,” said Shapiro. “Prana Investments has made a long-term bet on Northern Manhattan and this asset is a great addition to its other holdings in the area.”
682 Academy St. is a 31-unit, five-story apartment building that sits west of Broadway. The property is comprised of 15 one-bedroom, 11 two-bedroom and five three-bedroom apartments, with 25 units rent stabilized and five free market.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
