Washington Heights Co-ops Going Cheap--$190,000 Each!

Discount sale in Washington Heights!

Marcus & Millichap Real Estate Investment Services announced today that they have the exclusive listing for what they are dubbing the “Washington Heights Co-op Package.” The package consists of 84 co-op apartments in five walk-up buildings.

The big news here is the price tag: $16 million for all five buildings. That boils down to $190,476 per unit. To put it plainly, it is a steal.

The full press release is below.

MARCUS & MILLICHAP LISTS WASHINGTON HEIGHTS CO-OP PACKAGE

IN NEW YORK CITY FOR $16 MILLION

NEW YORK CITY, June 19, 2007 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Washington Height Co-Op Package, 84 unsold co-op apartments within five walk-up buildings. The listing price of $16 million represents $190,476 per unit.

Jack Botero and Peter Von Der Ahe, senior associates in the Manhattan office of Marcus & Millichap, are representing the seller, a private family estate.

“The Washington Heights Co-Op Package is an excellent opportunity for an investor to purchase five apartment buildings in prime west of Broadway locations,” says Von Der Ahe.

The Washington Height Co-Op package includes:

· 5-9 Pinehurset Ave.: The five-story, 58-unit building, situated between 177th and 178th streets, is built 78 feet by 50 feet on a 128-by-102 lot.

· 706 West 180th St.: The five-story, 13-unit building, located between Broadway and Fort Washington avenues, is built 53 feet by 86 feet on a 53-by-100 lot.

· 715 West 180th St.: The five-story, seven-unit building, situated between Fort Washington and Wadsworth avenues, is built 50 feet by 87 feet on a 50-by-110 lot.

· 712-718 West 175th St.: The five-story, 19-unit building, located between 177th and 178th streets, is built 50 feet by 87 feet on a 50-by-110 lot.

· 121-131 Fort George Ave.: The six-story, 40-unit building is built 56 feet by 129 feet on a 125-by-61 lot, holding 40 co-op units; 36 of which are free market and four are rent stabilized.

# # #

With more than 1,300 investment professionals in offices nationwide, Encino, Calif.-based Marcus & Millichap Real Estate Investment Services is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. In 2006, the firm closed $20.5 billion in transactions. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry’s most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.

www.MarcusMillichap.com

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