OLSHAN PROPERTIES JV ACQUIRES TWO-BUILDING APARTMENT COMPLEX IN UPPER MANHATTAN
NEW YORK, NY – July 31, 2017 -- Olshan Properties, one of the country’s leading private owners, developers and managers of commercial real estate today announced the acquisition of a two-building apartment complex located at 385-395 Fort Washington Avenue in Manhattan. Olshan Properties acquired the complex through a joint venture with New York City-based Millhouse Properties. The JV paid $40.1 million for the 118-unit complex that also houses four medical office suites within its lower floors.
“We are excited to partner with Millhouse Properties on the acquisition of these two Washington Heights apartment buildings, which represent the ideal additions to our growing residential portfolio. This deal speaks to our company’s focus on strategic alignments with acquisition partners to do programmatic purchases of assets with great fundamentals in primary markets. said Andrea Olshan, CEO of Olshan Properties.
In recent years, the Washington Heights district has become one of Manhattan’s fastest-growing and vibrant neighborhoods. The six-story, pre-war complex contains 114 apartments with high ceilings, large living spaces, abundant closet space, hardwood floors and original moldings. The complex also is centrally located above the “A” subway station and close to the “1” subway train local to Harlem and the Upper West Side. In addition, the George Washington Bridge, Riverside Park and the newly renovated and expanded George Washington Bridge bus terminal and multiple new retail developments are all in close proximity to the buildings.
Olshan Properties owns and manages roughly 14,000 multifamily units across the United States, primarily in New York City. Millhouse Properties is a real estate investment and management firm that specializes in repositioning existing assets and developing new buildings in New York City and the vicinity.
About Olshan Properties
Olshan Properties is a privately owned real estate firm specialized in the development, acquisition, leasing and management of commercial real estate for more than 55 years. The close integration of investment and operating capabilities has given Olshan Properties a reputation as one of the leading private owner/operators of commercial real estate in the country.
Olshan Properties currently owns and/or manages, individually or with its affiliated companies, a diverse portfolio of commercial properties including Retail, Hotel, Office, and Residential in eleven states. For more information, click here.