Barberry Rose Management, a property management company based in Long Island, recently completed the sale of a 32-unit multifamily building in Washington Heights, New York for $7.05 million. The historic building at 720 West 172nd Street was constructed in 1918 and offers over 36,000 square feet of space with an additional 8,000 square feet of air rights. This transaction resulted in a seven percent cap rate and an impressive Gross Rent Multiplier (GRM) of just under nine.
The successful sale was facilitated by Rosewood Realty Group through the expertise and representation of Aaron Jungreis, Ben Khakshoor, and Alex Fuchs on behalf of both Barberry Rose Management and the buyer – Two80 Real Estate Ventures – a private investor with extensive experience in real estate ventures.
This recent transaction marks another significant achievement for Barberry Rose Management as they continue to expand their portfolio across various markets throughout New York City.
