Ariel Property Advisors sells 81-unit multifamily for $9.25 million

Manhattan, NY Ariel Property Advisors (Ariel) negotiated the sale of a 63,935 s/f, 81-unit rent stabilized multifamily property at 75-89 Wadsworth Terrace in the Washington Heights section of the city for $9.25 million, which translates to $144 per s/f, $114,197/unit and an approximate 6.38% cap rate.

An Ariel team led by Victor Sozio, founding partner, along with Shimon Shkury, president and founder, Alexander Taic, director, investment sales, and Jake Brody, associate, investment sales represented the seller.

The well-maintained, six-story building, which benefits from a J-51 tax abatement for the next 20 years, underwent significant renovations in 2010 and includes solar panels on the roof.

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