Washington Heights Building Sells For $12.5 Million

WASHINGTON HEIGHTS, NY — A Washington Heights building with 12 apartment units has changed hands for a reported $12.5 million, according to reports.

The building, located on the corner of West 181st Street and St. Nicholas Avenue, was previously owned by banking giant J.P. Morgan Chase and is now owned by real estate firm Crown Acquisitions, Commercial Observer first reported.

The five-story, 25,000-square-foot property contains 12 apartments and a ground-floor retail space occupied by Chase Bank, Commercial Observer reported. After the sale, the Chase Bank will retain its space through a lease agreement, according to the report. (For more Washington Heights and Inwood news, subscribe to Patch's free daily newsletter and news alerts.)

A principal at Crown Acquisitions did not tell Commercial Observer how long the Chase Bank would remain in the building, but did say the typical rent for similar retail space is $250 per square foot. The principal, Richard Chera, told Commercial Observer that the firm plans to "upgrade" the building and that Crown Acquisitions was interested in the property because of increasing real estate values in Washington Heights.

"Washington Heights in general is on a market upswing because of the George Washington Bridge Market," Chera told Commercial Observer. "We know the market well and we are very confident about the market. We believe in it."

Read Commercial Observer's report here.

Photo by Google Maps street view