Apartment investors betting on Harlem

By Konrad Putzier With rents rising to record levels, Upper Manhattan has seen a flurry of multifamily deals in recent months. New Jersey-based Treetop Development is one of the driving forces behind the neighborhood’s latest investment boom. The company recently bought three adjacent multifamily buildings and a vacant lot at 2261-2273 Adam Clayton Powell Jr. Boulevard between 133rd and 134th Streets for $11.25 million from Sugar Hill Capital Partners. The buildings contain 41 rental apartments and six commercial units. According to brokerage firm Ariel Property Advisors, 70 multifamily buildings in Northern Manhattan traded hands in the second quarter for a total of $327.9 million — a 26 pe

Cignature Realty—Harlem Portfolio Sold

Cignature Realty Associates has brokered the sale of a three-building Harlem portfolio and vacant lot on Adam Clayton Powell Blvd. located in Central Harlem. The buildings at 2261, 2267-2269 and 2271-2273 and the lot at 2265 Adam Clayton Powell Blvd. sold for $11.25 million, or $272 psf. The properties total 41,330 s/f and include three five-story walk-up apartment buildings with a total of 41 apartments and six stores that include a French bistro, Harlem Fried Chicken, Shine World Music Venue, a well-known Harlem bar known for its live music, a new restaurant and a barber shop. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates Inc. represented both the seller, Sugar Hill

Treetop Development Sells, Acquires Multi-Property Portfolios

NEW YORK CITY — Teaneck N.J.-based Treetop Development has completed two transactions in New York City. In the first transaction, Treetop Development, along with its partner, Latus Partners, sold a four-building rental portfolio to E&M Associates for $29 million. The portfolio consists of 82 two- and three-bedroom apartments and 11 commercial spaces located at 1917 Seventh Ave., 110 St. Nicholas Ave., 120 West 116th St. and 100 West 116th St. Aaron Jungreis of Rosewood Realty Group brokered the transaction. Treetop Development utilized the first transaction as a springboard to acquire an apartment portfolio located on Adam Clayton Powell Boulevard in Harlem. The company purchased the portfol

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