Polsinelli pulls in $15m with Washington Heights sale.

Adelaide Polsinelli, senior executive broker at Besen & Associates, recently brokered the $15 million sale of two apartment buildings in New York's fastest growing area: Washington Heights.

The buildings, known as Herben Hall at 4061-67 Broadway, and Montier Court at 4069-75 Broadway, are conveniently located near expanding areas of the Columbia University and the university's medical facilities.

Built in 1916, the properties, which are also known as 621-29 W. 171st St. and 620-626 W. 172nd St., contain 84 rental apartments and 13 stores. In an area where space comes at a premium, the average apartment boasts approximately 1,200 square feet of space, yet rents for under $700 per month. Both the residential and retail space lease for below-market rates, which are expected to rise in an area with a rapidly growing economy.

With national chains, including Starbucks, McDonald's, Burger King and HSBC already in Washington Heights and several national chains waiting to pounce on vacant space, the two buildings are expected to prove to be a smart investment, according to Polsinelli. Each retail tenant's lease is due to expire soon.

"As the neighborhood gentrifies, the properties' values will continually rise," Polsinelli said, "The complexion of Washington Heights has changed dramatically over the last several years and it's expected that this wonderfully diverse neighborhood will remain a safe, enjoyable place to live. Businesses thrive in these types of communities."

Polsinelli and Candee B. Chusid of Chusid Associates LLC represented the seller in the transaction. Alex Frants of Besen & Associates represented the buyer.

The seller's attorney was Nick Willick, Esq. of Plotkin & Willick.