Ely Management paid $8M to 75-85 Ellwood LLC

Ely Management through the entity Riverside Flats LLC paid 75-85 Ellwood LLC $7.9 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 30 residential units at 611 West 163 Street in Washington Heights. The deal closed on June 25, 2019 and was recorded on July 19, 2019. The parcel(s) have total development potential of 62,352 square feet.
The sale price per unit is $263,667..
The estimated cap rate is 1.5%
The last time the property sold was October 15, 2007, for $3,250,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link