A joint venture between Olshan Properties and Millhouse Properties have picked up two mixed-use buildings in the Washington Heights section of Manhattan for $40.1 million. Located on Fort Washington Avenue, the buildings house 115 apartments. The properties were both owned by the seller’s family for six decades, having last traded in the 1950s. Located at the foot of the George Washington Bridge, they are within a block of the A train, which provides express service to Midtown. GFI Realty Services represented both the buyers and the seller, Scandinavian Homes.
“When these assets were finally put on the market, there was a great deal of competition among brokers looking to connect the seller with a buyer who recognized the property’s long-term potential,” said GFI Realty President Michael Weiser. “With most units renting well below market rates, this two-building package gives the buyers a lot of room to add value over the long term. It’s not every day that an asset that hasn’t traded for more than 60 years hits the market, and new ownership will benefit from recognizing this opportunity.”
