Madison International Realty pays $14M to Urban American Management for multifamily property in Washington Heights

Madison International Realty through the entity 50 Overlook Terrace Owner, LLC paid Urban American Management’s 50 Overlook Terrace, LLC $13.6 million for 50 Overlook Terrace in Washington Heights. The deal closed on December 20, 2019, and was recorded on January 8, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 58 residential units.
The sale price per unit is $234,483.

This is part of a larger $275 million acquisition of a New York City and Westchester portfolio.  The last time the property sold was June 3, 2010, for $6,150,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $85,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link