CLOSED 7/12/2024
INWOOD, NYC
RENT STABILIZED
The $3.8 million sale of a 48-unit apartment building in Inwood showcases Team Lala's ability to overcome challenges in the NY Metro commercial real estate market.
The property, located on West 204th Street near Sherman Avenue and three blocks from the MTA train station at West 207th Street, comprises 48 residential apartments. This well-maintained brick building features a steel and glass entrance, original lobby finishes, a 13-camera security system, and is situated between busy shopping corridors.
This transaction required tracking Individual Apartment Improvements (IAI) paperwork spanning 5, 10, 15 years, and more to secure financing.
Our team, Team Lala of RMF, listed and marketed the property with professional photography, detailed analysis, and targeted advertising. We conducted property tours and engaged in negotiations to secure the best terms for our client, maintaining constant communication and strategic advice.
We also collaborated closely with management to meticulously track and verify decades of IAI paperwork, ensuring all documentation was accurate.
The property was successfully sold for $3,800,000. The sale price translated to $79,000 per unit and $109 per square foot. Our effective marketing, negotiation strategies, and diligent IAI documentation management ensured maximum value for our client's investment.
