Washington Heights Rental Building Sells for $18.2 Million

WASHINGTON HEIGHTS, NY — A Washington Heights apartment building was sold for $18.2 million, three times more money than what it was bought for in 2010.

The six-story rental building, which contains 84 apartment units was scooped up by a joint venture between real estate firms Urban American and Dixon Advisory, Commercial Observer first reported. The building, located at 515 West 168th Street between Audubon and Amsterdam avenues, was purchased for $6.75 million in 2010, according to records made public by the city.

The property was listed by Cushman and Wakefield while it was on the market. Of the building's 84 units, 40 are studios and the rest are one-bedroom apartments. The building is highly concentrated by rent-regulated apartments, as 82 are rent-stabilized and one unit is rent controlled, according to the listing.

The building currently has 30 vacancies, according to the Cuchman and Wakefield listing.

“The ability to acquire 84 residential units in such a strong location was highly competitive as investors are eager to participate in the thriving residential marketplace," Cushman & Wakefield's Robert Shapiro said in a statement sent to Commercial Observer.

Photo by Google Maps street view May 2016