Cignature Realty Sells Two Buildings To Canadian Investment Group

Cignature Realty Associates recently sold a package of two corner apartment buildings

with 95 units in Washington Heights: 4240 Broadway and 4300 Broadway for $23.7 million. Cignature represented both the seller, Heights Equities Inc., a local real estate investor who has owned both buildings for the last 30 years and the buyer, Crest Realties, a Canadian based real estate investment group.

“This transaction indicates that the pace of multi-family building sales is on fire, especially in neighborhoods such as Washington Heights and Inwood in the northern reaches of Manhattan,” said Cignature Realty CEO Lazer Sternhell.

4300 Broadway is a six-story elevator apartment building with 52,598 square feet and 54 apartments and one store. 4240 Broadway is also a six-story elevator apartment building with 59,200 square feet and 41 apartments, five stores and one roof antenna.