Richard Herman Acquires Washington Heights Apartment For $8M From Robert P Candee

Located in Washington Heights, the apartment building at 51 Bennett Avenue has been sold in a recent transaction. The property, with a lot size of 9,750 square feet and a zoning classification of R7-2, offers a total square footage of 36,562. The sale took place on October 28, 2021, with a selling price of $8,000,000. The building has a building square footage (BSF) of 33,540, resulting in a price per BSF of $238. Additionally, the price per square foot (PPSF) is $218 for this asset.

Summary of transaction details:

• Property Type: Apartment
• Transaction Amount: $8,000,000
• Market: Washington Heights
• Address: 51 Bennett Avenue
• Zoning: R7-2
• Lot Size: 9,750 SF
• BSF: 33,540
• PPBSF: $238
• SF: 36,562
• PPSF: $218

Richard Herman acted as the buyer in this transaction, while Robert P Candee represented the seller. The lot dimensions of the property are 167 feet by 68.92 feet. The previous sale of the property occurred on July 24, 2003, at a price of $950,000. Alteration 2 permits were issued on August 1, 1996. The property falls under tax class 2, and the floor area ratio (FAR) is 3.75.