A 48-unit building located at 610 West 204th Street in Inwood, Manhattan was sold for $3.8 million, which breaks down to $79,000 per unit. This sale was not a distressed one; rather, it reflects the market’s perception of rent-stabilized properties and the impact of high mortgage rates. The building had been held by a family firm since the 1950s and was sold to an Albanian couple.
The absolute best cre deals in the world right now are large rent stabilized assets with high interest, assumable mortgages, and j-51 or other tax abatements.
— IRR_RICKY (@do0250946170362) July 21, 2024
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