The Reel

Follow us:

A blog for breaking sales and neighborhood real estate news.

A multifamily building at 190 Claremont Avenue, located between Tiemann Place and La Salle Street in Morningside Heights, was sold in an all cash transaction valued at $3,950,000.

The building is a 40’ wide walk-up apartment building with approximately 13,680 gross square feet. The building contains 15 three-bedroom apartments, of which, eight are rent stabilized, six are fair market, and one is rent controlled. The building is ideally positioned in one of Manhattan’s most highly anticipated neighborhoods, given its close proximity to Columbia University’s ongoing 17-acre expansion and the planned high-end rental developments between Twelfth Avenue and Broadway from West 125th Street to West 133rd Street. The sales price represented a Gross Rent Multiple of 14.02 and a Cap Rate of 3.71%, $263,000 per unit and $289 per square foot.

Massey Knakal Chairman Bob Knakal exclusively handled this sale with First Vice President of Sales Robert Shapiro. “This property was in such high demand that the ultimate sales price reflected a record cap rate and gross rent multiple for the area.  This is a true testament to the insatiable demand for well located multifamily properties in today’s market place,” said Knakal.  “Bidding was ferocious and we received dozens of offers on this asset in the first week of marketing,” added Shapiro. “Many of those offers were at or above asking price before we ultimately signed a contract.”

According to Massey Knakal data this is lowest Cap Rate paid for a walk-up multifamily building in this section of Northern Manhattan.

Click here for press release

Neighborhoods: Morningside Heights/ Agents: Robert Shapiro