The Reel

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A blog for breaking sales and neighborhood real estate news.

A mixed-use building at 534 West 178th Street, located on the corner of West 178th Street and Audubon Avenue in Manhattan’s Washington Heights neighborhood, was sold in an all-cash transaction valued at $2,350,000.

The five-story building contains approximately 16,600 square feet on a 41.38’ x 100’ lot, with 20 residential units and two commercial units.  Of the 20 residential units, 19 are rent stabilized and one is rent controlled, and the unit mix consists of six two-bedroom, ten three-bedroom, and four four-bedroom apartments.  The building has been well-maintained and recent improvements include a new automatic feeder, coilers, and mixing valve for the boiler and the roof was redone in 2011.  This building has tremendous upside potential, and the sale price equates to approximately $196 per square foot.

Tenants benefit from the building’s proximity to High Bridge Park, with its walking and biking trails, ball parks, and swimming pool.  The property is also near the Broadway and West 181st Street retail corridors and many other neighborhood attractions including Yeshiva University, the Palace Theatre, and the Cloisters museum.  Public transportation is easily accessible via the 1 train stop at St. Nicholas Avenue and West 181st Street, the A express train stop at Fort Washington Avenue and West 175th Street and the numerous bus routes that service the area.

“The purchaser in this sale owned several properties in the neighborhood and on the block.  This asset was the corner piece to the puzzle,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Washington Heights/ Agents: Robert Shapiro