Updated Apr 10, 2026
Summit Properties Acquires Multifamily Building In Washington Heights For $5.7M From Pinnacle Group
281 Wadsworth Avenue & 295 Wadsworth Avenue
$5,700,000
$40/SF
Building Size
70,310 SF
Asset Type
MultiFamily
Closing
Mar 31, 2026
About this deal
AI
A multifamily residential building located at 281 Wadsworth Avenue and 295 Wadsworth Avenue in the Washington Heights market has been purchased for $5,700,000. The property comprises 84 units with a total square footage of 70,310, resulting in a price per unit of $67,857 and a price per square foot of $81.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,700,000
- Units: 84
- Square Footage: 70,310
- Price Per Unit: $67,857
- Price Per Square Foot: $81
- Buyer: Summit Properties
- Seller: Pinnacle Group
- Sale Date: 03/31/2026
Summit Properties, through Flgsp 281/295 Wadsworth Ave LLC, acquired the property that was previously lost to bankruptcy by Pinnacle Group.
On the Map
$5,700,000
$40/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.78%
Cash-on-Cash
-0.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93