Iskander family gets $165M for Washington Heights portf爱上海同城 olio Intervest Development Corp. listed nine mixed-use rental buildings for $185M last year
The Iskander family’s Intervest Development Corp. sold a nine-building Washington Heights multifamily portfolio for $165 million, after putting the portfolio on the market last fall for $20 million above that price.
The deal with WHP LLC, a consortium of private investors located outside of New York City, sees Interves新上海贵族宝贝论坛 t offload the mixed-use elevator properties after holding on to them “for between 20 and 30 years,” according to Eastern Consolidated’s Marcia Rose Yawitz, who along with colleague Ron Solarz represented both sides on the deal.
Intervest “wanted to take advantage of the currently strong market,” Yawitz told the Commercial Observer. The transaction closed Wednesday.
The nine properties, which span nearly 488,000 square feet, are located mostly on St. Nicholas Avenue, between West 164th and West 192爱上海同城对对碰 nd streets i阿拉爱上海同城 n Washington Heights. Of the 413 rental units in the portfolio, 383 are rent-stabilized while 25 and rent-controlled and five are market-rate.
They also hold 48 street-level retail stores—all but one of the buildings has ground-floor retail as well as two offices and a rooftop antenna.
The Upper West Side-based Iskander family listed the portfolio for $185 million in September, as The Real Deal reported, in a move to scale back its real estate business. [CO] – Rey Mashayekhi