Olshan, Millhouse scoop up Wash. Heights rentals for $40M

Properties were tied up in ugly ownership dispute

New York /
Jul.July 07, 2017 04:30 PM

Olshan Properties and Millhouse Properties have teamed up to buy two rental buildings in Washington Heights for $40.1 million — properties that were at the center of an ugly ownership dispute for several years.

The two buildings — at 385 and 395 Fort Washington Avenue — span 113,700 square feet and have 115 rental units and four offices. The apartment buildings last traded hands in the 1950s when they were purchased by the Bistritzky family. Details of the purchase are not available in public records, but the owner was most recently listed as Scandinavian Homes, which was formerly headed by Joseph Bistritzky and Joseph Twersky.

The property sold amid a heated dispute between Twersky and Bistritsky over proper ownership of Scandinavian. Twersky sued Bistrisky in October 2015, alleging that he was entitled to buy Bistritzky’s 50 percent stake in the company.

Scandinavian started marketing the buildings roughly a year ago. According to court documents, the owners received at least 10 different offers for the property and disagreed over its value. The sale to Olshan and Millhouse closed on Thursday. The lawsuit appears to be ongoing.

GFI Realty’s TRData LogoTINY Michael Weiser, as well as Barak Jacobov, Shawn Sadaghati and Yisroel Pershin represented both the buyers and sellers on the deal. Weiser said that most of the units are leased up.

Representatives for Olshan declined to comment. Millhouse and Bistritzky could not immediately be reached on Friday.

Olshan owns and manages roughly 14,000 units in multifamily projects across the United States. The company already manages another apartment building near the two it just purchased in Washington Heights at 245 Fort Washington Avenue. Millhouse, an investment firm run by Eric Gray and Joshua Sacks, recently formed a joint venture with Barone Management and Matt Development to build a Dream Hotel in Long Island City.


Related Articles

arrow_forward_ios
The New York Life Sciences and Biotechnology Center at First Avenue and 41st Street (NY Life Sciences)
Life sciences leasing breaks annual record in five months
Life sciences leasing breaks annual record in five months
The commercial market was hit hard by the pandemic, and property tax revenue is expected to fall 5 percent. (iStock)
Tax bills show how much Covid devalued NYC real estate
Tax bills show how much Covid devalued NYC real estate
Richard Segal of Seavest Investment Group, David Marx of Marx Development Group and 902 Quentin Road in Brooklyn (Photos via Seavest Investment Group, Marx Development Group and VRMNY)
Westchester firm buys $54M Brooklyn medical building
Westchester firm buys $54M Brooklyn medical building
Real Estate EFTs See Investment Amid Pandemic Recovery
Why investors are rushing into real estate ETFs
Why investors are rushing into real estate ETFs
Manhattan sublease surge shows signs of slowing
Manhattan sublease scourge finally abates
Manhattan sublease scourge finally abates
Blooma founder Shayne Skaff (LinkedIn, iStock)
CRE fintech startup Blooma nabs $15M in funding
CRE fintech startup Blooma nabs $15M in funding
Distressed real estate investors are digging through commercial mortgage-backed securities to seize, fix and flip troubled properties. (iStock)
Distressed investors tap throwback strategy, target CMBS
Distressed investors tap throwback strategy, target CMBS
President Joe Biden (Getty, iStock)
What Joe Biden’s infrastructure plan holds for real estate
What Joe Biden’s infrastructure plan holds for real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...