1) Northern Manhattan. It’s the borough’s one spot where multifamily investors can find everything they want: feasible prices and rent growth. But the window is closing, as Harlem land prices already are commanding only condos. While lack of supply slows building trades elsewhere, Cignature Realty CEO Lazer Sternhell, whom we snapped with his Yankee stadium seats, tells us his company is finding so much business up north that it’s recruiting more brokers. Lazer and president Peter Vanderpool (above) recently arranged Treetop Development’s $24.5M acquisition of 147 apartments in five Washington Heights buildings (27-29 Audubon Ave., 79 Audubon Ave., 516 W 169th, and 507 W 170th) and Hamilton
By: Jaime Lackey NEW YORK CITY — Cignature Realty Associates has brokered the sale of a 43,160-square-foot residential building, which is located at 880 Saint Nicholas Ave. within the Sugar Hill neighborhood of Harlem. The six-story, 36-unit apartment building sold for $7 million. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented both the buyer, 880 St. Nick LLC, and seller, 880 St. Nicholas Avenue Holdings LP, in the transaction.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a six-building portfolio in northern Manhattan. Adam Mermelstein/Tree Top Development purchased the portfolio, which features 147 apartments and four retail stores, from a local real estate fund for $24.5 million. The portfolio includes 565 West 139th Street, 27-29 Audubon Avenue, 79 Audubon Avenue, 516 West 169th Street and 507 West 170th Street. Located in Hamilton Heights, 565 West 139th Street is a six-story, 75-foot-wide elevator building. The remaining buildings are located in Washington Heights across the street from Columbia Medical Center. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented both th
Perseus Capital Mgmt, Langsam Property Svcs JV Divests 147 Units, 4 Stores in Manhattan Perseus Capital Management and Langsam Property Services sold six multifamily buildings in New York City to Treetop Development for $24.5 million, or about $162,000 per unit. The deal totals 117,903 square feet and includes 565 W. 139th St., 516 W. 169th St., 507 W. 170th St., and 27, 29 and 79 Audubon Ave. in Washington Heights and Hamilton Heights submarkets of Manhattan. The buildings were all pre-war and all are five or six stories tall. The portfolio totals 147 apartment units and four retail stores. Lazer Sternhell and Peter Vanderpool with Cignature Realty represented both the buyer and the seller
Cignature Realty Associates closed a six-building portfolio sale in Northern Manhattan for $24.5 million that features 147 apartments and four stores. The buyer was Adam Mermelstein/Treetop Development and the seller a local real estate fund. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller. The portfolio includes: 565 West 139th Street, 27-29 Audubon Avenue, 79 Audubon Avenue, 516 West 169th Street and 507 West 170th Street. The first part of the portfolio at 565 West 139th Street, a six-story, 75-foot-wide elevator building, is located in Hamilton Heights, near Broadway in the gentrifying neighborhood between City College and Columbia’s new
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a six-building portfolio in northern Manhattan. Adam Mermelstein/Treetop Development purchased the portfolio, which features 147 apartments and four retail stores, from a local real estate fund for $24.5 million. The portfolio includes 565 West 139th Street, 27-29 Audubon Avenue, 79 Audubon Avenue, 516 West 169th Street and 507 West 170th Street. Located in Hamilton Heights, 565 West 139th Street is a six-story, 75-foot-wide elevator building. The remaining buildings are located in Washington Heights across the street from Columbia Medical Center. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented both the
Cignature Realty Associates announced they closed a six-building portfolio sale in Northern Manhattan for $24.5 million that features 147 apartments and four stores. The buyer was Adam Mermelstein/Tree Top Development and the seller a local real estate fund. Cignature Realty's Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller. The portfolio includes: 565 West 139th Street, 27-29 Audubon Avenue, 79 Audubon Avenue, 516 West 169th Street, and 507 West 170th Street. The first part of the portfolio at 565 West 139th Street, a six-story, 7S-feet-wide elevator building, is located in Hamilton Heights, near Broadway in the gentrifying neighborhood between City Co
Represents Seller, 2261-2273, ACP Residences and Buyer, Treetop Dev. MANHATTAN, NY Cignature Realty Associates brokered the sale of a three-building Harlem portfolio and vacant lot on Adam Clayton Powell Blvd., located in the borough's Central Harlem section. 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 per s/f. 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 S
Cignature Realty Associates announced they recently closed an $8.8 million mixed-use building sale and a $3.25 million apartment building sale, both in Washington Heights. The $8.8 million 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-square-foot building 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 owner