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Washington Hts. climbs to new level.(News)
Byline: christine haughney
Real estate deals soar in once-overlooked neighborhood; rents are still a bargain
Washington Heights landlord Rubin Pikus spent 32 years developing and managing his family's portfolio of 30 apartment buildings, and he planned to pass all of them down to his grandchildren. Earlier this summer, though, he received an offer that he couldn't refuse for a building he bought 22 years ago for $400,000. The 15-family walkup at 189 Audubon Ave., at West 175th Street, fetched nearly $1.1 million.
"I never expected to get a building to sell for that price and that size rent roll,'' says Mr. Pikus, chief executive of Milbrook Properties, who wouldn't disclose the buyer.
The often-overlooked neighborhood of Washington Heights has been the scene of the city's hottest real estate deals …
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Source: HighBeam Research, Washington Hts. climbs to new level.(News)
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