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Successful Sale of 256 Wadsworth Avenue in Hudson Heights, Manhattan
Bob Knakal successfully closed the sale of 256 Wadsworth Avenue, a 31-unit walk-up apartment building situated in the heart of Hudson Heights, Northern Manhattan. The sale closed on April 23, 2010, and was led by Russell Fridman of Wadsworth Street LLC. This classic prewar structure presented an attractive value-add opportunity in a rental-dense and transit-oriented neighborhood.
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Sale Details
This multifamily property sold for $2,275,000, translating to an attractive $99.61 per square foot across 22,840 square feet. The transaction was facilitated between buyer Russell Fridman of Wadsworth Street LLC and seller Frank Patafio of Pinnacle Uptown LLC, a private institutional seller.
- Sale Price: $2,275,000
- Price Per SF/BSF: $99.61
- Sale Date: April 23, 2010
- Units: 31
- Asset Type: Multifamily – Walk-Up
- Buyer: Russell Fridman, Wadsworth Street LLC
- Seller: Frank Patafio, Pinnacle Uptown LLC
- Seller Type: Institutional Owner
This deal underscores the enduring appeal of well-located, rent-stabilized properties in Northern Manhattan and highlights Bob’s deep market expertise in matching long-term investors with stable income-producing assets.
Property Details
Located at 256 Wadsworth Avenue, New York, NY, this property sits between West 188th and 190th Streets in the Hudson Heights section of Washington Heights. The building offers proximity to the A train and Broadway commercial corridor, making it highly accessible for residents and investors alike.
- Submarket: Hudson Heights, Northern Manhattan
- Property Class: Walk-Up Apartment Building
- Total Square Feet: 22,840 SF
- Total Units: 31
Building Highlights:
- Classic prewar construction
- Excellent light and air exposure on a corner lot
- Stable rent roll with upside through future repositioning
- Located near subway and Columbia University Medical Center
Market Strategy and Positioning
At the time of the sale, the Northern Manhattan multifamily market was rebounding post-recession, driven by institutional and private capital pursuing affordable per-unit costs and long-term cash flow. The sub-$100/SF price point positioned this asset as a rare opportunity for investors to acquire scale in an appreciating submarket.
Bob’s strategy emphasized the building’s existing income stream, historic charm, and growth potential in a neighborhood where larger, newer developments were just beginning to take shape. The team targeted investors focused on value retention and long-term income, resulting in a smooth and strategic disposition.
Neighborhood Overview
Hudson Heights is a unique enclave within Washington Heights, known for its elevated terrain, Art Deco architecture, and residential charm. With panoramic views of the Hudson River and the George Washington Bridge, it has become one of Upper Manhattan’s most desirable neighborhoods for both residents and investors.
- Rich Cultural Identity: Known for its Dominican-American community and vibrant street life.
- Strong Transit Access: Served by the A train, with express service to Midtown in under 25 minutes.
- Nearby Attractions: Fort Tryon Park, The Cloisters Museum, and Columbia University Medical Center.
- Residential Stability: High concentration of long-term renters and rent-stabilized units creates market consistency.
Conclusion
The successful sale of 256 Wadsworth Avenue reflects the ongoing demand for well-maintained multifamily walk-up buildings in transit-rich and culturally vibrant neighborhoods like Hudson Heights. Bob’s deep understanding of local trends and investor behavior allowed for a timely and effective transaction.
This sale demonstrates Bob’s commitment to delivering results for sellers while identifying high-value opportunities for buyers seeking stable assets in Northern Manhattan.
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Frequently Asked Questions
Q1: What type of property is 256 Wadsworth Avenue?
256 Wadsworth Avenue is a prewar multifamily walk-up building consisting of 31 residential units spread over 22,840 square feet. It is a classic rent-stabilized asset commonly found in Northern Manhattan neighborhoods.
Q2: Why is Hudson Heights a desirable location for multifamily investments?
Hudson Heights offers strong rental demand, access to public transit, and proximity to major institutions like Columbia Medical Center. The neighborhood’s stability and rising popularity with both residents and investors make it a sought-after market.
Q3: What was the price per unit for this transaction?
With 31 units and a total sale price of $2,275,000, the average price per unit was approximately $73,387—considered highly competitive for Manhattan, especially in 2010.
Q4: Are there any development or repositioning opportunities at 256 Wadsworth Avenue?
While the building is primarily stabilized, there may be long-term upside through unit turnover, renovation, and potential conversion depending on future zoning changes and market conditions.
