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New York & Tri-State  + Uptown/Bronx  + Apartments  | 

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

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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