Robert Miller Sells 48-Unit Multifamily Building In Inwood Manhattan For $3.8 Million

A 48-unit apartment building located at 610 West 204th Street in Manhattan's Inwood neighborhood was sold for $3.8 million, equating to $79,166 per unit. The property was sold to an Albanian couple and consists of units that are all under New York City's rent-stabilization regulations, which restrict income increases for landlords. This regulatory environment has influenced the overall property valuation. Robert Miller, who owned the property for a long time and is now retiring, completed the sale with the assistance of the brokerage RM Friedland based in Harrison, N.Y.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $3,800,000
• Units: 48
• Price Per Unit: $79,167
• Seller: Robert Miller
• Broker: Marco Lala - RM Friedland
• Market: Inwood, Manhattan

Marco Lala from RM Friedland facilitated this transaction, working closely with Robert Miller, the seller, who was looking to retire. The deal also involved new owners, specifically an Albanian couple, marking a shift in ownership for this multifamily asset in a regulated rental market.