News

Meridian Sells Three Washington Heights Multifamily Properties Totaling 69 Units for $15.375 Million

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold three multifamily properties located in Washington Heights to Guardian Realty Management for $15.375 million on behalf of Castellan Real Estate Partners. Meridian Senior Executive Managing Director, David Schechtman, Managing Director, Lipa Lieberman, and Directors Abie Kassin and Mark Steinmetz, exclusively represented the seller and procured the buyer.

The three properties, which include the 20-unit building at 649 West 184th Street, the 25-unit building at 325 Wadsworth Avenue and the 24-unit building at 85 Fairview Avenue, were acquired in 2012 and 2013 by Castellan Real Estate Partners for a total of $7.625 million. Meridian is also exclusively representing Castellan Real Estate Partners in the sale of the multifamily property located at 1315-1317 St. Nicholas Avenue that is in contract for $7.25 million and is marketing the 24-unit elevator multifamily building located at 4441 Broadway.

Built in 1925, 649 West 184th Street is a five-story, 17,965 square foot building located between Broadway and Wadsworth Avenue. Built in 1920, 325 Wadsworth Avenue is a five-story, 21,675 square foot building located between West 189th Street and West 190th Street. Built in 1928, 85 Fairview Avenue is a triangular four-story, 15,141 square foot building located between Broadway and Broadway Terrace. All of the properties are located in the Washington Heights neighborhood of Manhattan.

Washington Heights is an area which continues to transition and improve and has recently benefit from the New York Department of Transportation investing in the 191st Street subway station as well as the $62 million renovation of High Bridge Park. In addition, there are numerous other parks in the area including the Harlem River Park, Gorman Park, Bennett Park, For Washington Park, Jay Hood Wright Park, Mitchel Square Park and Fort Tyron Park, which houses the Cloisters, a branch of the Metropolitan Museum of Art. In addition, both Columbia University and Yeshiva University have an expanding presence in Washington Heights. Several hotels have also recently opened in the area including the Hotel Cliff and the Edge Hotel. It is also highly accessible by mass transit via the 1, A and C subway lines and Harlem River Drive and US-1 provide access to the north and south as well as to New Jersey and the Bronx.

“Quality multifamily assets in the boroughs continue to sell at benchmark prices because cash flow coupled with continuing growth in these areas and the ample availability of financing at record low levels make for a perfect buying environment,” said Mr. Lieberman. 

For additional information on Meridian Investment Sales, contact David Schechtman at (212) 468-5907 or dschechtman@meridiancapital.com.

Meridian Investment Sales is Exclusively Retained to Sell Two Contiguous Retail Condominiums in NoHo

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has been exclusively retained to sell two retail condominium properties located on Bond Street, in the NoHo area of New York City. Meridian Senior Executive Managing Director, David Schechtman, Managing Director, Lipa Lieberman, and Director, Abie Kassin, are marketing the property.

The property, 25 Bond Street, is composed of two contiguous retail condominiums, located at the intersection of NoHo and Greenwich Village. The first condominium occupies 2,070 square feet and the second occupies 740 square feet. With approximately 60 feet of frontage along Bond Street, each space maximizes visibility on a street which is a destination unto itself. The condominiums sit on the south side of Bond Street between Lafayette Street and Bowery, and are within walking distance to public transportation, including the 6, B, D, F, and M subway line.

NoHo is characterized by loft buildings, restaurants and bars, luxury retail and architecture, both new and old. The neighborhood has also become a mecca for high-end hotels and condominiums and is known to be one of the most exclusive and prestigious neighborhoods in the world.

“Long undervalued, 25 Bond Street is a proven retail destination with ultra-elite high-end shopping and rents, which are exceptionally lower than SoHo and Tribeca,” Mr. Schechtman explained. “The imminent lease expiration of one of the two stores makes this a very attractive near term growth opportunity,” he added.

Additional information is available from exclusive agent, David Schechtman at (212) 468-5907 or dschechtman@meridiancapital.com.

Meridian Investment Sales is Exclusively Retained to Sell a Pristine 27-Unit Multifamily Property Located in Chelsea

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has been exclusively retained to sell a multifamily property located in the Chelsea area of New York City. Meridian Senior Executive Managing Director, David Schechtman, Managing Director, Lipa Lieberman, and Director, Abie Kassin, are marketing the property.

The Clarke, located at 222-224 West 21st Street is composed of two contiguous multifamily walk-up buildings, consisting of 27 apartments and totaling 20,120 square feet. Located in the heart of Chelsea, between Seventh and Eighth Avenues, the property is in close proximity to public transportation, which includes the 1, C, E, F, and M subway lines, as well as the Path Train. The property was completely renovated and each unit is of exceptional quality with high-end fixtures and finishes used across all facets of the building.

Chelsea remains a popular neighborhood known for its residential character and rich cultural history. Tenants enjoy access to parks, a wide variety of restaurants, and distinguished museums including The Whitney.

“Everyone boasts about pristine, turnkey condition multifamily assets but very few support those lofty adjectives,” Mr. Schechtman explained. “Properties like The Clarke are rarely available and offer investors stable in-place net operating income in an area that continues to perform with no signs of slowing down.”

Additional information is available from exclusive agent, David Schechtman at (212) 468-5907 or dschechtman@meridiancapital.com.