Meridian Arranges $9M Washington Heights MF Properties Sale

Meridian recently closed the sale of two blockfront properties in Washington Heights, located at 61-69 and 71-79 Wadsworth Avenue, between West 176th and West 177th streets. The properties, which traded for the first time in over 40 years, were sold for $9.5 million. They consist of a total of 108 apartments and two commercial units.  

Meridian’s Amit Doshi and Shallini Mehra represented both the seller, the Moslin family, and the purchaser, the Desai family, in the transaction. The loan was secured by Jacob Schmuckler and Meir Schlusselberg of Meridian from JPMorgan Chase. Anthony Simari of Holm & O’Hara LLP represented the purchaser, and Neil Albstein & Steven Uffner of Goldberg, Weprin, Finkel Goldstein LLP represented the seller. 

“It is extremely difficult for landlords today to keep up with constant demands of capital improvements, high interest rates, and even higher expenses, especially when their upside is hindered by legislation. A successful landlord needs to have a long-term vision and holding power,” said Mehra.