Rent-Stabilized Washington Heights Building Sells For $12.5M

WASHINGTON HEIGHTS, NY — A fully rent-stabilized apartment building in Washington Heights is changing hands for $12.5 million, real estate firm GFI Realty Services announced this week.

The building, 390 Wadsworth Avenue near St. Nicholas Avenue and West 192nd Street, was bought by Lewis Barbanel of Barberry Rose Management, according to a press release.

The 50,000-square-foot Wadsworth Avenue building contains 42 rent-stabilized apartments, according to a press release. Of those apartments, one is a one-bedroom units, 18 are two-bedroom units, 11 are three-bedroom units and 12 five-bedroom units. The pre-war building contains a resident elevator.

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The purchase of 390 Wadsworth Avenue was brokered by Sasha Berg of GFI Realty who said the purchase was an "opportunity to acquire a long-term asset in a prime Manhattan neighborhood that is clearly on the rise."

"This transaction speaks volumes to the continued ascendance of Washington Heights," Berg said in a statement. "The investment of a savvy buyer like Barberry Rose in this submarket is further validation that Washington Heights has great potential in its future growth."

Babanel's firm Barberry Rose Management has been an active buyer of uptown real estate, according to GFI Realty Services. In December the firm bought up a 13-building, 363-unit portfolio in Inwood for $63.6 million.

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