Cignature Realty Associates closed the $8.5 million sale of a six-story elevator building at 3450 Broadway (southeast corner of West 141st Street in Hamilton Heights) near City College and Columbia University’s second campus expansion project.
The fully-rented 32, 010 sq. ft. building has 24 unites and five stores that include the Papa Juan Cigar Room, the neighborhood’s popular cigar bar.
Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented both the buyer: Waterbury Meadow LLC, a Florida-based real estate firm, and the seller; 3450 Partners LLC. a small group of investors.
The building, that was built in 1925, sold for 12.8 times the rent roll.