January 13, 2017
A private real estate investor paid $63.6 million for a portfolio of apartment buildings in Manhattan’s Inwood section.
The Inwood Portfolio totals 359 apartments in 13 five-story walk-up buildings located on Sherman Avenue, Post Avenue, Academy Street, and Vermilyea Avenue. That adds up to $177,000 per unit — relatively inexpensive for Manhattan.
“There was a tremendous amount of interest in this portfolio, which offers significant future upside potential,” said Eastern Consolidated Executive Managing Director and principal Ron Solarz, who represented the owner with Senior Director and principal Matthew Sparks. “The buildings have been well-maintained by the same owner for 40 years.”