Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold three multifamily properties located in Washington Heights to Guardian Realty Management for $15.375 million on behalf of Castellan Real Estate Partners. Meridian Senior Executive Managing Director, David Schechtman, Managing Director, Lipa Lieberman, and Directors Abie Kassin and Mark Steinmetz, exclusively represented the seller and procured the buyer.
The three properties, which include the 20-unit building at 649 West 184th Street, the 25-unit building at 325 Wadsworth Avenue and the 24-unit building at 85 Fairview Avenue, were acquired in 2012 and 2013 by Castellan Real Estate Partners for a total of $7.625 million. Meridian is also exclusively representing Castellan Real Estate Partners in the sale of the multifamily property located at 1315-1317 St. Nicholas Avenue that is in contract for $7.25 million and is marketing the 24-unit elevator multifamily building located at 4441 Broadway.
Built in 1925, 649 West 184th Street is a five-story, 17,965 square foot building located between Broadway and Wadsworth Avenue. Built in 1920, 325 Wadsworth Avenue is a five-story, 21,675 square foot building located between West 189th Street and West 190th Street. Built in 1928, 85 Fairview Avenue is a triangular four-story, 15,141 square foot building located between Broadway and Broadway Terrace. All of the properties are located in the Washington Heights neighborhood of Manhattan.
Washington Heights is an area which continues to transition and improve and has recently benefit from the New York Department of Transportation investing in the 191st Street subway station as well as the $62 million renovation of High Bridge Park. In addition, there are numerous other parks in the area including the Harlem River Park, Gorman Park, Bennett Park, For Washington Park, Jay Hood Wright Park, Mitchel Square Park and Fort Tyron Park, which houses the Cloisters, a branch of the Metropolitan Museum of Art. In addition, both Columbia University and Yeshiva University have an expanding presence in Washington Heights. Several hotels have also recently opened in the area including the Hotel Cliff and the Edge Hotel. It is also highly accessible by mass transit via the 1, A and C subway lines and Harlem River Drive and US-1 provide access to the north and south as well as to New Jersey and the Bronx.
“Quality multifamily assets in the boroughs continue to sell at benchmark prices because cash flow coupled with continuing growth in these areas and the ample availability of financing at record low levels make for a perfect buying environment,” said Mr. Lieberman.
For additional information on Meridian Investment Sales, contact David Schechtman at (212) 468-5907 or [email protected]
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com