612-618 W 182nd Street, New York, NY 10033

Washington Heights, New York, New York 10033


Listing ID Number


Property Description

Cushman & Wakefield has been hired on an exclusive basis to arrange for the sale of 612-618 W 182nd Street, two adjacent 5-story walkup buildings located in the Washington Heights neighborhood of Northern Manhattan. The buildings total approximately 23,835 gross square feet and contain a total of 32 apartments with one basement super unit (located in 612-614 West 182nd). The average apartment is 633 net square feet and rents at just $25 per net square foot in a market that can achieved close to $40pnsf. Combined, the properties consist of 1 one-bedroom, 4 two-bedroom, 16 three-bedroom and 11 four-bedroom apartments. Of the 32 units, 12 have been renovated with high end condo quality finishes. Recent MCI’s include a new dual fuel boiler, security, intercom and key fob system, as well as a building-wide Entech system all installed in August 2015. An MCI application was filed by ownership with the DHCR office and is currently pending. Future ownership benefits from the property’s outstanding location near West 181st Street, Washington Heights’ most active retail corridor. The properties are also in close proximity to major retail arteries along St. Nicholas Avenue and Broadway. The retail tenants in this thriving portion of Washington Heights include Starbucks, The United States Post Office, Dunkin’ Donuts, Burger Heights, Subway, McDonald’s, Domino’s, Key Food, Duane Reade, Payless Shoe Source, Foot Locker, Modell’s, Sleepy’s, Hertz, Chase Bank, CitiBank, Capital One Bank, AT&T and Staples. The area is also home to the Yeshiva University Wilf Campus with over 8,000 students, faculty and administration. Public transportation is easily accessible via the 1 train at West 181st Street and St. Nicholas Avenue, as well as the A train which stops at West 181st Street and Ft Washington Avenue. These buildings provide investors the unique opportunity to capitalize on two outstanding assets which are located in one of Manhattan’s most vibrant and rapidly emerging neighborhoods.


Building Type:Apartment Buildings


Price Per Sq Ft:$436
Capitalization Rate:4.02%



For further information or inspection, please contact Exclusive Agents:

Stephen P. Palmese
Vice Chairman
(718) 307 6552

Robert M. Shapiro
Executive Managing Director
(212) 660 7717

James Berluti
Associate Director
(718) 606 7053

Ian Brooks
Senior Associate
(212) 589 5107

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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.