Rent-Stabilized Washington Heights Building Sells For $32 Million

WASHINGTON HEIGHTS, NY — A six-story residential building in Washington Heights just sold for $32 million, double the price it was bought for a few years ago, according to public real estate records.

The apartment building, located on West 181st Street between Broadway and Fort Washington Avenue, was previously owned by a corporation called 720 West LLC, which had bought the property for $16 million in 2014, according to city records. The new owner is another anonymous corporation based out of Delaware called Viaveb LLC, according to the records.

Landlord Michael Aryeh owned 720 West LLC, real estate publication The Real Deal reported. Aryeh is tied to Heritage Realty, which is currently being sued for overcharging rent-stabilized tenants at one of the company's Washington Heights properties, according to the report.

Recent filings with the Department of Buildings show that the West 181st Street building contains 52 apartment units. The DOB records list Michael Aryeh as the building's property owner.

Last year the building recorded an annual income of $1.17 million from the rent roll, the Real Deal reported. The fact that the new owner bought the property for nearly 30 times its annual income indicates that they may attempt to increase rents if they wish to record a net profit on the sale before the next three decades.

Photo by Google Maps street view