SRO Building Near George Washington Bridge Sells For $850,000

NEW YORK, NY–A 25-unit Single Room Occupancy (SRO) property, about a mile from the George Washington Bridge, has just traded for $850,000. The five-story building is located at 566 West 182nd Street.

Eastern Consolidated’s Neil Gronowetter, Director, both represented the seller, West 182nd Realty, and procured the buyer, GSC Washington Heights LLC. The new owner will continue to operate the property as an SRO.

“Marketing of the property was unique,” noted Gronowetter, “Seven out of the nine potential buyers were alerted to the sale via my newsletter, Multifamily Investor, which is distributed to over 17,000 apartment building owners in Queens, Brooklyn, the Bronx, Manhattan and New Jersey. That effort resulted in a very competitive bidding process, culminating in eight ‘as is’ all-cash offers.” Multifamily Investor is the widest circulating free multifamily print newsletter in the United States.

The 25-unit SRO was delivered vacant. Because the property is within such close proximity to the George Washington Bridge, tenants can easily travel to and from New Jersey and the Bronx. The property is served by the #1 train, around the corner, at the 181st Street Station. Gronowetter noted that more than half of the buyers had real estate connections in New Jersey and/or the Bronx.

Attorneys in the transaction were Larry Lazar, Esq., of Moss & Kalish PLLC for the seller and Jason Goodstein, Esq., Tratner, Molloy & Goodstein for the buyer.