Mixed-use properties reaching great Heights

Cignature Realty Associates just closed an $8.8 million mixed-use building sale in Washington Heights, Manhattan. The six-story elevator building at 611 West 177th Street is a corner building at Wadsworth Avenue with 44 apartments and three professional offices. The41,298 s/f property was built in 1927. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented the seller, 611 West 177 Street LP, a real estate fund. The buyer, 611 Realty Associates LLC, is a local real estate investor. The building sold for 11.8 times the current rent roll. “Buildings such as these have a lot to offer investors and owners and include significant upside potential,” said Vanderpool.

Cignature Realty Associates—Mixed-use properties reaching great Heights

Cignature Realty Associates just closed an $8.8 million mixed-use building sale in Washington Heights, Manhattan. The six-story elevator building at 611 West 177th Street is a corner building at Wadsworth Avenue with 44 apartments and three professional offices. The 41,298 s/f property was built in 1927. Cignature Realty's Lazer Sternhell and Peter Vanderpool represented the seller, 611 West 177 Street LP, a real estate fund. The buyer, 611 Realty Associates LLC. is a local real estate investor. The building sold for 11.8 times the current rent roll. "Buildings such as these have a lot to offer investors and owners and include significant upside potential," said Vanderpool.

Recent Sale $3.25 Million 446 West 164th Street (between Edgecombe and Amsterdam Avenues) Manhattan

By Rosalie R. Radomsky A local investor has bought this 1906 five-story walk-up in Washington Heights with 20 apartments — a studio, a one-bedroom, 10 two-bedrooms and eight three-bedrooms. There is also an apartment for the superintendent. The 14,625-square-foot building sold for 10.3 times the rent roll. Buyer: 446 W 164 L.L.C. Seller: 446 West 164th Street Holdings Brokers: Lazar Sternhell and Peter Vanderpool, Cignature Realty Associates

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Information contained herein is from sources deemed reliable but is subject to errors, omissions, change of price or terms, and withdrawal without prior notice at any time. © 2015 - 2017. Cignature Realty and the skyline quadrilateral are registered trademarks of Cignature Realty Associates Inc.
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