Portfolio of 13 Inwood Buildings Listed for $62 Million

INWOOD, NY — A huge chunk of Inwood has just been put up for sale. The real estate firm Eastern Consolidated just listed a 13 building portfolio — made up of mostly five-story walkups on Sherman Avenue, Post Avenue, Academy Street and Vermilyea Avenue — for an asking price of $62 million, according to a press release.

That's a lot of land, and the fact that it's a package deal will allow a real estate developer the opportunity to make a big splash in Inwood.

“This offering presents investors with the opportunity to acquire a portfolio of 13 apartment buildings containing 359 residential units that have significant inherent future upside potential,” Executive Managing Director and Principal of Eastern Consolidated Ron Solarz said. “All buildings are located within close proximity of one another, translating to efficient operations and administration.”

But even though Eastern Consolidated says the properties are in close proximity, fears of a mega-complex coming to Inwood may be premature. The portfolio includes properties on three parallel avenues, so a developer would have to literally build through the street to mold all the properties into one hulking structure.

But either way, the portfolio represents a sizable portion of Inwood, including 359 residential apartments and two retail stores, according to the press release. Also included is a surface parking lot described as "behind the buildings."

The press release did not disclose any specific addresses for properties included in the portfolio.

These buildings do not occupy land subject to rezoning in the Inwood NYC Neighborhood Plan, which has become a contentious issue in the neighborhood.

[Photo: Flickr user Matthew Hurst]