NYC multifamily deal tops $8M

Longtime owner parts with property near George Washington Bridge

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Heritage Realty LLC recently purchased an apartment complex in Manhattan's Washington Heights neighborhood for nearly $8.8 million. The deal, comprised of four five-story residential buildings and totaling 87 units, was handled by brokerage Marcus & Millichap. The selling price represents a per-unit price of $100,575. Located at 575-587 W. 177th St., the 48,350-rentable-square-foot property is situated on a 148-foot-by-94-foot lot between St. Nicolas and Audubon avenues. The asset features a mix of 46 one-bedroom, 20 two-bedroom and 21 three-bedroom units. The seller, whose identity was not disclosed, had owned the property for more than 20 years, according to a press statement. *** What's your opinion? Leave your comments below or send a letter to the editor. ...