Cignature Realty: Cignature closes on two UWS buildings

Cignature Realty Associates announced they have closed the sale of two Upper West Side buildings. The first at 3820 Broadway, at the corner of Broadway and West 159th in Washington Heights, sold for $15 million. The six-story elevator apartment building has 38 apartments and six stores. The 43,748 sq. ft. building sold for 16 times the rent roll. lt was built in 1907. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer, Broadway 3820 LLC and the seller, 3820 Broadway LLC. The other building, 65 Nagle Avenue in Inwood, sold for $3.95 million. This is a five-story walk-up apartment building with 26 apartments. The 21,080 sq. ft. building, was built in 1914. Stern

Shamah Properties: City first

Shamah Properties has purchased a 48-unit, six-story elevator apartment building in Hamilton Heights for $13.5 million. This is the buyer’s first Manhattan acquisition. ‘We are very excited aboutr our company’s first foray into Manhattan market,” said Alan Shamah, CEO and partner of Shamah Properties. The 42,144 s/f building at 672 Saint Nicholas Avenue sold for 14.5 times the rent roll. It was built in 1915. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented both Shamah Properties and the seller, 672 Saint Nicholas Avenue LP, a local fund. “The area surrounding this building is gentrifying at a rapid pace which is improving the assets value for long term growth,

Buys: Harlem Portfolio

Address Harlem Portfolio Size 3 apt. bldgs. and vacant lot Buyer/Representative Treetop Development / L. Sternhell, P. Vanderpool, Cignature Realty Associates Seller 2261-2273 ACP Residences LLC / L. Sternhell, P. Vanderpool, Cignature Realty Associates Notes The properties sold for $11.25 million, or $272 per Square foot. The buildings are located at 2261, 2267-2269 and 2271-2273 Adam Clayton Powell Boulevard, and the vacant lot is located at 2265 Adam Clayton Powell Boulevard.

Recent Sale $24.5 Million: Mixed-Use Units

Address 565 West 139 Street 27-29 Audubon Avenue 79 Audubon Avenue 516 West 169 Street 507 West 170 Street Size 151 units total mixed-use bldg, 86,289 sf Buyer/Representative Adam Mermelstein, Treetop Development / Lazer Sternhell and Peter Vanderpool, Cignature Realty Seller/Representative n/a/ Lazer Sternhell and Peter Vanderpool, Cignature Realty Notes The six properties sold for $24.5 million.

Recent Sale $11.5 Million: 285 Fort Washington Avenue (at West 172nd Street) Manhattan

A local real estate investor bought this corner six-story mixed-use walk-up in Washington Heights with 39 apartments — 20 one-bedrooms, 10 two-bedrooms and nine three-bedrooms — as well as two professional offices. The 37,170-square-foot building sold for 14.1 times the current rent roll. BUYER: Heritage Realty SELLER: 285 Ft. Washington Apartments L.P. BROKERS: Peter Vanderpool and Lazer Sternhell, Cignature Realty Associates

Cignature Realty: Heritage Realty goes to new Heights

Cignature Realty Associates sold two Washington Heights buildings for $17.2 million. The buildings include a six-story corner building at 285 Fort Washington Avenue for $11.5 million and a five-story building on 815 West 180th for $5.7 million. The 37,170 s/f walk-up has 39 apartments, two offices and 21,230 s/f of air rights. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented both the buyer, Heritage Realty and the seller, a local real estate fund. The building sold for 14.1 times the current rent roll. According to Vanderpool, a large number of tenants in the building are either young professionals or students associated with Columbia. “The building still has still has a

Recent Sale $11.5 Million: 285 Fort Washington Avenue (at West 172nd Street) Manhattan

A local real estate investor bought this corner six-story mixed-use walk-up in Washington Heights with 39 apartments – 20 one-bedrooms, 10 two-bedrooms and nine three-bedrooms – as well as two professional offices. The 37,170-square-foot building sold for 14.1 times the current rent roll. Buyer: Heritage Realty Seller: 285 Ft. Washington Apartments L.P. Brokers: Peter Vanderpool and Lazer Sternhell, 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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