Firms team up to sell HUD building.

ABS Partners Real Estate LLC, Besen & Associates, Inc. and Massey Knakal Realty Services, together recently sold 301-301 Audubon Avenue, northeast corner of 180th Street, in the Washington Heights section of Upper Manhattan.

The property is a 53 unit 6 story elevator Section 8 HUD apartment house built 100 X 70 on a 100 X 120 lot.

The property was built approximately 80 years ago but had gone through a gut renovation. The property lies in an R7-2 Zone.

Normally, R7-2 zoning does not allow for a commercial overlay, however, several buildings on the block in the same zone have been granted special permission from the community board for retail.

With the current Section 8 HUD contract expiring January 29, 2006 and with the possibility of creating retail, the new owner will have an opportunity to add significant upside to the rent roll. The property sold for $4,425,000 which is approximately $83,500 per unit, a new record for HUD Section 8 property in this area. The property was managed by Frank J Anelante Jr. of Lemle & Wolff, Inc, prominent residential property owners and managing agents.

Amit Doshi of Besen & Associates procured the purchaser who owns several HUD properties in New York. Massey Knakal was represented by Marco Lala. ABS Partners Real Estate LLC was represented by Earle Altman, Steven Hornstock, Arnold Schonfeld, and Randy Modell.