Business Specialties Investments
Five Upper Manhattan Properties Hit Market
May 21, 2008
By: Thomas Peretti, Contributing Correspondent

Five buildings in New York’s Washington Heights and Fort George neighborhoods will be put up for sale through realtor Eastern Consolidated.

The five pre-war buildings in northern Manhattan are on the market for a total of $48 million. Two properties located a block from Columbia Presbyterian Hospital combine apartments with ground level retail space and are priced together at $22.5 million. The two Fort George buildings offer 76 apartments and nine stores, with an asking price of $18 million. Lastly, a 49-unit art deco apartment building located in Washington Heights is on the market for $7 million. The buildings are also being offered for sale individually.

The properties have all been recently renovated, with new boiler rooms and improved security systems among the improvements. Eastern Consolidated is marketing the properties as an opportunity to acquire affordable space in emerging areas of Manhattan.

“Washington Heights is transitioning. Its demographics are shifting, rents have escalated and some even dub it the new Upper West Side,” Marcia Rose Yawitz, senior director of Eastern Consolidated, indicated in a release. "The buildings … promise terrific upside since rents are significantly below market."

Eastern Consolidated is a New York City-based real estate investment services firm.

 
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