Eastern Consolidated Arranges Sale of Inwood Portfolio for $63.6 Million
NEW YORK, NY—January 3, 2017—Eastern Consolidated has arranged the sale of the Inwood Portfolio, a 13-building multifamily package in the Inwood section of Manhattan, for $63.6 million.
Eastern Consolidated Executive Managing Director and Principal Ron Solarz, and Senior Director and Principal Matthew Sparks, represented the long-time private owner, and procured the buyer, a private real estate investor. Gary Meese, Senior Director, Financial Services, was the analyst for the offering.
The Inwood Portfolio consists of 13, five-story walk-up buildings located on Sherman Avenue, Post Avenue, Academy Street, and Vermilyea Avenue, and a surface parking lot behind the buildings. The units include two retail stores and 359 residential apartments of which 93 are one bedrooms, 210 are two bedrooms, 51 are three bedrooms, and five are super units.
“There was a tremendous amount of interest in this portfolio, which offers significant future upside potential,” Solarz said. “The buildings have been well-maintained by the same owner for 40 years and are located within close proximity of each other, allowing for efficient operation and administration.”
Sparks added, “The portfolio’s location in Inwood made it even more desirable because the buildings are steps from the subway and the vibrant Dyckman Street retail corridor where national retailers and major banks are located. Young professionals have discovered Inwood and are moving into the large apartments in the neighborhood’s residential buildings.”
The buildings in the Inwood Portfolio also are located within three blocks of two popular Upper Manhattan parks situated along the Hudson River--Fort Tryon Park and Inwood Hill Park, and transportation via the A or 1 subway lines, which offer easy access to the Midtown and Downtown Manhattan business districts.
Additionally, the properties are near several major Upper Manhattan and Bronx employment centers including New York Presbyterian/Columbia University Medical Center, Yeshiva University, James J. Peters VA Medical Center, Fordham University, Lehman College, St. Barnabas Hospital, and Bronx-Lebanon Hospital Center.
Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
Back to news list